u?.- 




William Jennings Bryan. 



BRyAN,SEWALLaE Honest Money 

WILL BRING 

PROSPERITY. 

"THE CRIME OF SEVENTY-THREE." 
WHO WAS THE CRIMINAL? 



BIMETALLISM THE ONLY REMEDY FOR HARD TIMES. IT WAS A 

SUCCESS FROM 1792 TO 1873, AND THEREFORE 

IS NOT AN EXPERIMENT. 



" The free and unlimited coinage of silver at the ratio 
of 16 to I, without waiting for the aid or consent of any 
nation on earth. 

"e/7 dollar that increases in value is just as dishonest 
as a dollar that decreases in value.'' — W. J. BRYAN. 

concur with you that the unit must stand on both metals." 

-Letter of JEFFERSON to HAMILTON, Feb., 1792. 



JOHN HOWARD BROWN, 

Editor " National Portrait Gallery," " National Cyclopaedia of American Biography,' 
Author "American Naval Heroes," etc. 



ORTRAITS OF THE LEADERS IN THE MOVEMENT FOR THE RESTORATION 

OF SILVER TO ITS OLD PLACE AS A STANDARD OF VALUE. 

PLATFORM, SPEECHES, BIOGRAPHIES, ARGU^ 

MENTS, STATISTICS. /^. „^„,,.,.^ .„ 



k 



4^ 



mew l^orl;: 

DERBY AND MILLER COMPANY. 

1896. 



>5f OF CO/y^^ 



W^f3 



** We live in a laud where every year presents a battlefield 
and every day a call to duty,"— W. J. Bryan. 



■'Bs'j 



Copyright, 1896, 
Derby & Miller Company. 



All rights reserved. 



'' We know tliat that which is right will finally triumph, be- 
cause there is nothing omnipotent but truth." —W. J. Bryan. 



PRESS OF 

JENKINS & McCOWAN, 
New York. 



FREE SILVER AND NATIONAL 
PROSPERITY. 

The address delivered by Mr. William P. St. John on accepting 
the permanent chairmanship of the National Bimetallic party at 
St. Louis, July 22, 1896. 

By WILLIAM P. ST. JOHN, fl. A. 

It is among the first principles in finance that the value of each 
dollar expressed in prices, depends upon the total number of dol- 
lars in circulation. The plane of prices is high when the number 
of dollars in circulation is great in proportion to the number of 
things to be exchanged by means of dollars, and low when the 
dollars are proportionately few. The plane of prices at present 
and for some time past is and has been ruinously low. 

The increase of our population at about two millions a year, 
scattered over our immense territory, calls for increasing ex- 
changes and thereby demands an increasing number of dollars in 
circulation. The increase in the number of dollars when dollars 
are confined to gold is not sufficiently rapid to meet the growth of 
our exchanges. The consequence is a growing value of dollars or 
a diminishing value of everything else expressed in dollars ; which 
is to say a tendency toward constantly declining prices. 

The fountain-head of our prosperity has run dry. Our farmers 
all over the country have endured the depression in prices, until 
they get about $8 or $9 per acre for an expenditure of $10 per acre 
and the like. Their credit is exhausted at the country stores. 
The country store ceases to order from the city merchant, the 
city merchant reduces his demand upon the manufacturer. Man- 
ufactures are curtailed. 

The consequence is that employees and all elements of labor 

5 



6 FREE SILVER AND NATIONAL PROSPERITY. 

are being discharged, and wages are lowered to those who continue 
in employment. The sufferings of the farmers, who constitute 
nearly one-half of our population, are thus enforced upon the city 
merchant, the manufacturer, and all forms of labor. These com- 
bined elements constitute the overwhelming majority of voters. 
Their intelligent conclusion will be felt when expressed at the 
polls. 

The banker also is without prosperity unless prosperity is gen- 
eral throughout the United States. He must learn to distinguish 
between cheap money and money commanding a low rate of in- 
terest. The dollar worth two bushels of wheat is a dear dollar, 
and yet it commands interest in Wall Street at present of but 
2 per cent, per annum on call. If the dollar can be cheapened by in- 
creasing the number of dollars, so that each dollar will buy less 
wheat, the increasing price of wheat will increase the demand for 
dollars to invest in its production. 

Then the borrower of dollars to invest in the production of 
wheat, being reasonably sure of a profit from that employment of 
the money, can afford to pay interest for its use as a part of his 
profit. In other words, interest is a share of the profit on the 
employment of money. So that abundant money, money readily 
obtainable, which is to say really cheap money, is the money 
which commands a high rate of interest as a share of the profit of 
the borrower in using it. 

As we appeal to the country, in the justice of our cause, one or 
two points of common inquiry must be satisfied as follows : 

The experience of Mexico is held up for our alarm. We answer, 
first, that Mexico is conspicuously prosperous at home. Her in- 
crease in manufactures, railway earnings, and the like in recent 
years is phenomenal. Second, Mexico is no criterion for the 
United States, for the reason that she has a foreign trade indebt- 
edness of about $20,000,000 annually in excess of the value of her 
exports of cotton, sugar, coffee, hides, and the like, which must 



FREE SILVER AND NATIONAL PROSPERITY. 7 

be paid for in the surplus product of her mines. Her silver, 
therefore, goes abroad as merchandise and at a valuation fixed by 
the outside world. 

The United States, on the other hand, is a nation of seventy 
millions of people, scattered over a territory seventeen times the 
area of France. A single one of our railway systems, the Erie, 
exceeds the aggregate railway mileage of all Mexico. We offer an 
employment for money to an aggregate greater than the world's 
spare silver will furnish us. Hence our silver money, at home 
and abroad, will be valued as the money of the United States. 

The opposition threatens us with a flood of Europe's silver upon 
our reopened mints. We answer, Europe has no silver but her 
silver money. Her silver money values silver at from 3 to 7 
cents on the dollar higher than ours. Hence the European mer- 
chant or banker must sacrifice from 3 to 7 per cent, of his full 
legal-tender money in order to recoin it at our mints. Europe's 
silverware, like America's silverware, carries in it the additional 
value of labor and the manufacturer's profit. 

They threaten us with a flood of silver from the far East. We 
answer that the course of silver is invariably eastward, and never 
toward the west. British India is a perpetual sink of silver, absorb- 
ing it, never to return, by from $30,000,000 to $60,000,000 worth 
every year. And India's absorption of silver will be enlarged 
by the steadiness of price for silver fixed by our reopened 
mints. 

They threaten us with a " sudden retirement of $600,000,000 
gold, with the accompanying panic, causing contraction and com- 
mercial disaster unparalleled." We answer that our total stock of 
gold, other than about $10,000,000 or $15,000,000 circulating on 
the Pacific coast, is already in retirement. Practically all our gold 
is in the United States Treasury, or held by banks. 

The gold in the treasury will remain there if the Secretary 
availshimself of his option to redeem United States notes in silver. 



8 FREE SILVER AND NATIONAL PROSPERITY. 

The gold in the banks constitutes the quiet and undisturbed 
portion of their reserves against their liabilities. It will continue 
to do money duty as such reserves after free coinage for silver is 
enacted. Hence a premium on it will not contract the currency. 
The utmost possible contraction of the currency will be the few 
millions circulating on the Pacific coast, and this will be retired 
but slowly. 

A similar threat of a flight of gold was made for the Bland Act 
of 1878. President Hayes was urged to veto it, but Congress 
passed it over the veto. Instead of a flight of gold, as had been 
predicted, we gained by importation $4,000,000 the first year, 
$70,000,000 the next, and $90,000,000 the third year. During the 
twelve years that the act was on the statute book we gained $221,- 
000,000 of foreign gold. 

Instead of the destruction of our credit abroad, as had been pre- 
dicted, the United States 4 per cent, loan, which stood at loi on 
the day of the enactment, sold at 120 per cent, within three years, 
and at 130 per cent, subsequently. Instead of defeating the re- 
sumption of specie payments on January ist of the following year, 
the 24,000,000 silver dollars which were coined in 1878, and cir- 
culated by means of the silver certificates, reduced the demand 
upon the government for gold. Hence the threat of disaster now 
is without historic foundation. 

This, then, is what will follow the reopening of our mints to sil- 
ver : The gold already in the treasury will remain there, if com- 
mon sense dictates the treasury management; that is, if the Treas- 
urer exercises the option to redeem United States notes in silver. 
A premium on gold will not occasion a contraction of the currency, 
bank hoards of gold continuing to serve as a portion of bank re- 
serves against bank liabilities. A premium on gold will tend to 
increase our exports by causing a higher rate of foreign exchange; 
that is to say, by yielding a larger net return in dollars on the 
sale of bills of exchange drawn against goods exported. A pre- 



FREE SILVER AND NATIONAL PROSPERITY. 9 

mium will tend to diminish our imports by increasing the cost of 
bills of exchange with which to pay for our goods imported. 

The tendency of increasing our exports and decreasing our im- 
ports will be, first, to set our spindles running, swell the number 
of paid operators, increase their wages, thereby adding to the 
number and paying capacity of consumers, and thus enlarge our 
home market for all home products and manufactures, with 
prosperity in general as the result assured. 

The tendency of increasing our exports and decreasing our im- 
ports will be, second, to establish a credit balance of trade for 
the United States. A credit balance of trade means that Europe 
has become our debtor, and must settle with us in money. 
Europe's silver money is overvalued in her gold, compared with 
ours, by from 3 to 7 cents on the dollar. The European merchant 
or banker, will, therefore, make his trade settlements with us in 
gold more profitably by from 3 to 7 per cent, than in his 
silver. And the instant that European trade settlements with 
the United States are made in gold, parity for our gold and silver 
money is established in the markets of the world. 

Therewith, the 371.25 grains of pure silver in our silver dollar 
and the 23.22 grains of gold in our gold dollar become of exactly 
equal worth, as bullion, in New York. 



CONTENTS. 



PAGE 

Introduction. Free Silver and National Prosperity. 

W. P. St. John 5 

Biographical Sketch, William Jennings Bryan 13 v/' 

Editorial Comment, New York Journal 32 

Biographical Sketch, Arthur Sewall 35 

The Democratic National Platform A7>\y 

Mr. Bryan's Chicago Convention Speech 55 

Speeches of Delegates Lewis and Klutz, Nominating 

Mr. Bryan 69 

The Demonetization of Silver a Violation of the Con- 
stitutional Contract with the States. Jay Cooke 72 
Madison Square Garden Notification Meeting. Speech 

of Governor Stone 75 

Mr. Bryan's Madison Square Garden Speech Accepting 
THE National Democratic Nomination for Presi- 
dent OF THE United States 81 • 

A $2 5, 000- A- YEAR Pool Commissioner for Republican 

Vice-President of the United States 123 

Mr. Sewall's Speech Accepting the National Demo- 
cratic Nomination for Vice - President of the 

United States 125 

Gold Bug Statistics. Of Interest to Workingmen. . . 128 ~^/ 

Senator Bland's Estimation of William J. Bryan 131 

Who are the Debtors ? 138 

Editor Howell's Tribute to Mr. Bryan 141 

Justice Gaynor and the Supreme Court 144 

Free Coinage will not Imperil the Credit of the 

Country. President Andrews of Brown University 148 
II 



12 CONTENTS — ILLUSTRATIONS. 

PAGE 

"The Crime of 1873." Its History and Effects..... 151 
Gold and Silver the Money of the Constitution. 

James G. Blaine i55 

Who was the Criminal ? 1 5^ 

Gold Speculators During the Civil War. Benjamin 

F. Butler *••• isS 

The History of the Trade Dollar 1 59 

How the Workingman is to be Benefited by the Free 

Coinage of Silver 162 

Mr. Bryan's Speech to the Farmers at Tivoli, N. Y.. 167 
Will Free Coinage Bring Fifty-Cent Dollars and 

Repudiation ? 181 

The Free Coinage of Silver no Menace to Prosperity 189 



ILLUSTRATIONS. 



William Jennings Bryan Frontispiece 

Mrs. W. J. Bryan, Wife of the Candidate 24 

Mr. and Mrs. Bryan, Father and Mother of the Can- 
didate 28 

Arthur Sewell 34 

Senator John K. Jones 42 

Senator Arthur P. Gorman 48 

Editor John R. McLean 54 

Senator Stephen M. White 68 

Treasurer William P. St. John 74 

Senator John W. Daniel 124 

Senator Richard Parks Bland 130 

Editor Clark Howell 140 



WILLIAM JENNINGS BRYAN. 

William Jennings Bryan, statesman and presidential 
candidate, was born in Salem, Marion county, Illinois, 
March 19, i860, son of Silas Lillard and Maria Jen- 
nings Bryan. His first American ancestor came from Ire- 
land, and settled in the tidewater section of Virginia. It is 
known of this pioneer emigrant that he stood as a repre- 
sentative citizen of the state, and that his descendants 
were classed among the well-to-do families engaged in 
the cultivation of the soil. They took active interest in 
the politics of the commonwealth as Democrats, and 
represented their section in county and state affairs. As 
farmers, the Bryans of Virginia were conspicuous for in- 
dustry, frugality and hospitality. They were intensely 
religious, and as leading members of the Baptish church 
were looked upon as safe advisers on the social, 
political and moral questions of their day. In 1752 
Joseph T. Bryan left the tidewater section of Virginia 
and pushed westward. He located on the side of a moun- 
tain, where he found all the conditions necessary for a 
settler's home. From the site selected for his future 
dwelling, he looked down through a beautiful valley made 
fertile by the mountain stream that found its way to the 
bosom of the Rappahannock. Here he put up a log cabin 
after the fashion of the settlers, and fitted it for the home 
of his family. This house still stands as an ell to a more 
pretentious dwelling on the side of Oventop mountain, at 
the base of Marvey's Rock, the highest peak of the Blue 
Ridge mountains. About half a mile westward from the 
old homestead, on a narrow, rocky road, the Bryan meet- 
ing-house, a large, rambling structure, still stands in about 
the same condition as when the family of the great-great- 

13 



14 WILLIAM JENNINGS BRYAN. 

grandfather of the presidential candidate worshipped there 
with his neighbors. They were hardshell, or primitive 
Baptists, a sect that claimed the best element of these 
hardy pioneer settlers, and their meeting-house was capa- 
ble of seating over eight hundred worshippers, and has 
always been known as the Old Bryan Church. William 
Bryan, a son of Joseph T., died in Culpeper county in 
1806, and his will, after providing for his wife, Nettie 
Bryan, and two maiden sisters, divided his property equally 
between his children, James, John, William, Aquilla, Lucy 
and Elizabeth. At the time of his death he was about 
sixty years of age. In the division of the property John, 
the grandfather of William Jennings, was allotted the 
tract of two hundred and fifteen acres near Sperryville, by 
reason of its location the most valuable portion of the 
estate. In 1807 John Bryan married Nancy Lillard, and 
lived in the old home place until 1826, when he sold out 
and removed with his family to the western borders of the 
State, on the Ohio river, near the mouth of the Great 
Kanawha. The Lillards were of Scotch origin, and neigh- 
bors of the Bryans. A remnant of the family still lived 
in Rappahannock and Culpeper counties at the end of the 
nineteenth century. They occupied positions of wealth 
and station in Virginia, Kentucky and Mississippi. 
Nancy Bryan died in 1830, and John Bryan in 1835. Their 
son, Silas Lillard Bryan, the father of William Jennings, 
removed to Missouri immediately after the death of his 
parents, the family having meantime scattered through 
several of the western states. Here he attended school, 
working part of the year to pay for his education, as 
was the custom of the time and section. After two 
years he removed to Marion county, 111., where he con- 
tinued his studies, and taught school for a time. He 
fitted himself for college, and was graduated in course, 



WILLIAM JENNINGS BRYAN. 1 5 

and then studied law. In 1857 he was admitted to the 
bar, and soon rose to prominence in his profession. He 
served his State as senator, superintendent of schools, 
judge of the circuit court for twelve years, and as a mem- 
ber of the State constitutional convention. The home of 
the Bryans was on a farm just outside the corporate lim- 
its of Salem, and the son had the advantages of the best 
educational training afforded by the public school of the 
place. He was then sent to Whipple Academy, Jackson- 
ville, 111., where he was prepared for college. 

When seventeen years old he matriculated at Illinois 
college with the class of 188 1. He was graduated with 
the highest honor and was selected as class orator. His 
oratorical power manifested itself when he was a mere boy, 
and at school he orated before admiring classmates when 
but eight years old, and his father encouraged the talent 
by allowing the boy to accompany him in his appointments 
at the Democratic mass meetings during the national and 
gubernatorial canvasses, where he listened to the celebra- 
ted orators of the section, and became greatly interested 
in the political questions of the day. When twelve years 
old he went with his father to a great Democratic demon- 
stration at Centralia, 111., and after listening to the most 
distinguished speakers of the state, he asked to be allowed 
to take part in the discussion. Mounting the platform in 
the midst of an oppressive silence, the boy could see the 
smile of derision that greeted his appearance. A boy, pre- 
suming to speak to the sage politicians seated on the 
platform, and expecting to be listened to by the thou- 
sands on the ground before him. He commenced in 
tones convincing and eloquent. He displayed a thorough 
knowledge of the questions of the current campaign, and 
handled the arguments with the skill of an old campaigner. 
His reasoning surprised them, and he soon had his audi- 



l6 WILLIAM JENNINGS BRYAN. 

ence spellbound by his eloquence. They broke the spell 
as a fine turned period gave inspiration to a spontaneous 
ripple of applause. With this the audience caught up the 
enthusiasm of the young speaker and drowned his words 
with deafening cheers, repeated as he waved them to silence 
that he might continue. Cheers punctuated every sen- 
tence, and when he closed there was a tremendous out- 
burst of enthusiasm. The men came to the platform, and 
lifting the boy orator on their shoulders, bore him in tri- 
umph over the heads of the audience. The orator, poli- 
tician and statesman shone out in this boy of twelve years 
of age, and fixed his profession. At college he was famous 
not only as an orator, but as an all-round athlete. He 
was one of the best baseball players, pitching as good a 
ball as any man ever at the college, and as a batter could 
always be depended upon to make a base hit when he came 
to the bat. In field sports he was a champion and holds 
at the time of his candidacy the record for the hop, skip, 
and jump. His personal magnetism made him a universal 
favorite while in Jacksonville, and as honor man of his 
class he won the place without making an enemy. Upon 
leaving Jacksonville young Bryan entered Union Law 
College, Chicago, and at the same time gained admission 
to the law office of Lyman Trumbull, where he took a 
practical course in the business of law, at the same time 
he was being initiated in the mysteries of Coke and Black- 
stone. He gained two years time by this means, and 
when he was admitted to the bar in 1883, he returned to 
Jacksonville and opened a law office there. A ruling mo- 
tive in selecting the college town was, no doubt, that it 
was the scene of an acquaintance with a young lady to 
whom he became attached, while each were attending 
school there. This lady was Mary Elizabeth Baird, an 
American girl with American ideas. 



WILLIAM JENNINGS BRYAN. 1/ 

Her father was a broad-minded man, who came from 
Washington, Pa. Her mother was the daughter of Col. 
Darius Dexter, the founder of Dexterville, N. Y. They had 
but little capital, not even good health, and removed to the 
West, locating at Perry, Pike county, 111., where Mr. 
Baird opened a general store, and prospered in business. 
Under these surroundings the daughter grew up, the con- 
stant companion of her father, who was afflicted with 
total blindness. The fortitude and patience of her mother 
taught the young girl gentleness, as she witnessed the cross 
she constantly bore without complaint. When fourteen 
years old she entered the academy at Jacksonville. It was 
the same year that William Jennings Bryan entered the 
Illinois college there. Miss Baird was selected as vale- 
dictorian of her class. The president of the academy 
praised her scholarship and commented on her fine mind, 
pronouncing her a coming woman. Upon graduating, 
Miss Baird returned home, and when Mr. Bryan gained 
his diploma at Chicago he turned his steps to the same 
place, and they were married and immediately made their 
home in Jacksonville, where she took up the study of law, 
while her husband commenced the practice of his profes- 
sion. Mrs. Bryan was admitted to the bar, but never en- 
tered into the practice of her profession, save as an assistant 
to her husband. They worked and studied together, she 
consulting books, outlining arguments, and citing prece- 
dents. She also joined her husband in his investigations 
of the constantly varying conditions of political matters, 
and became with him thoroughly versed in the science of 
government, of finance and of political economy. When 
her mother died, her father, unable to use his eyes, became 
a member of her family, and she added to her duties that 
of reading to him the newspapers of the day, as well as 
the latest and most interesting books of fiction. She ex,- 



1 8 WILLIAM JENNINGS BRYAN. 

plained to him the changing conditions of the world, and 
discussed with him all the subjects read — his active mind 
craving such treatment. With the care of three children, 
with whom she daily lived, feeding, dressing and teaching 
them, romping with them, making herself a companion, 
and when they were safely asleep, then with her husband 
and father she would discuss law and politics, or alone 
she would take up Hawthorne or some other favorite 
American author. 

Mr. Bryan's first law case was tried in 1884 in a Justice 
Court. It was a dispute between two farmers, involving 
about twenty dollars. The young attorney and counsellor 
as carefully prepared his case as if it were to be argued 
before the United States Supreme Court, and won. Enter- 
ing his office with his face beaming with smiles, he shouted, 
"I have won my first case." Mr. Bryan attends, with 
his wife and family, the Presbyterian church of which he 
is a member and trustee. He is a member of the Young 
Men's Christian Association, and takes great interest in 
the young people in the congregation. It was a com- 
mon sight in his early married life to see him with his 
wife and her blind father taking their way every Sunday 
morning to the church and in the afternoon to the 
Sunday-school, in which both were teachers. His de- 
votion to his father-in-law was touching, and the busy 
lawyer always found time to make him less obvious of 
his affliction. They have three children, William Jen- 
nings, Ruth and Grace. In October, 1887, he removed 
to Omaha, Neb., and associated himself with A. R. 
Talbot, the law firm finally becoming Talbot, Bryan & 
Allen. The first five years he devoted entirely to the 
practice of his profession, and was only moderately suc- 
cessful in gaining pecuniary rewards, as many of his cli- 
ents were impoverished farmers who could not afford to 



WILLIAM JENNINGS BRYAN. I9 

pay large fees. His affection for the poor and unfortunate 
forbade him to turn any such clients away, and he became 
known as always ready to give council and advice to the 
common people. Mr. Bryan's only enemies are those who 
disagree with him politically, and those of his own party 
whose jealousy has been aroused by the phenomenal rap- 
idity of his political advancement. His integrity was 
never questioned. His character has never been assailed. 
He is known as a clean, honest man. His intense belief 
in the principles he advocates and his outspoken expres- 
sions of that belief has led his enemies to pronounce him 
a demagogue. His answer to the charges of being a Pop- 
ulist and pandering to the sentiment of the Socialists is, 
that he has never made a statement he did not believe to 
be true, and that he has not sought to win the approval of 
any class or party, that he has always been and would al- 
ways remain a Democrat, but he believed the common 
people had rights that all parties were bound to respect. 
In 1 89 1, he made up his mind that the free coinage of 
silver was to be the issue before the people, and since then 
with incidental attention to the income tax, he has con- 
centrated his thought, energy and ability on this one sub- 
ject. His first political effort was at the meeting of the 
Democratic state convention at Omaha, in May, 1888, to 
choose delegates to the national convention at St. Louis. 
He was a delegate, and during the absence of a committee, 
the waiting crowd called upon him for a speech. He de- 
voted himself entirely to the tariff, then the absorbing 
issue with the Nebraska voters. His arguments were con- 
vincing, his logic unanswerable, his brilliancy and elo- 
quence irresistible, and he carried the audience to their 
feet and they drowned the orator in the volume of their 
cheers. He had by a single speech won for the standard 
of " tariff for revenue only," a place in the front ranks in 



20 WILLIAM JENNINGS BRYAN. 

a Republican state, and for himself a state reputation as 
its champion. The very next year he declined the Dem- 
ocratic nomination for Lieutenant-Governor offered by the 
Democratic state convention, but promised the ticket his 
active co-operation, and he made over fifty speeches dur- 
ing the campaign. 

In 1888 W. J. Connell, the Republican candidate for 
representative in congress from Mr. Bryan's district, was 
elected over J. Sterling Morton by 3,000 majority, al- 
though two years before the district had gone Democratic 
by nearly 7,000. In this campaign Mr. Bryan stumped 
the district for Mr. Morton. In 1890 the young men of 
the district took the matter in hand, and offered the nom- 
ination to Mr. Bryan, who had written the platform for 
the party, and best represented the young Democracy. 
The prospects of success were so shadowy that Mr. 
Bryan accepted the forlorn hope in these words: ''Of 
course there is no show for an election, but I will make 
the race and do my best ; I will advocate the Democratic 
principle of tariff reform on every stump in the district." 
He was only thirty years old, and determined to put his 
best work in the canvass. He had a district that em- 
braced nine counties, with a voting population of more than 
72,000. The veteran politicians of the party, who con- 
trolled the party organization, took no interest in the bat- 
tle, and offered no assistance in what they called a hope- 
less fight. They held the sinews of war, and were 
unwilling to loosen the purse-strings, as they saw no 
hope for victory. The young men took their place in the 
ranks under their determmed leader, and made zeal and 
vigor take the place of campaign funds. Mr. Bryan's 
tour through the district became a long and continuous 
ovation. He issued through the Democratic committee 
a challenge to Mr. Connell to a joint debate on the issues 



WILLIAM JENNINGS BRYAN. 2 1 

of the campaign, and met him at every stand. Although 
Connell had served a term in the House of Representatives, 
and had brushed against national legislators in debate' 
Mr. Bryan showed himself equally familiar with the sub- 
jects discussed, and equipped with information and sta- 
tistics on political and economical questions that sur^ 
prised his audiences and staggered his adversary at all 
points. He from the outset had a marked advantage in 
the debate. The result of this spirited canvass was a 
complete surprise, as the counting of the votes disclosed 
a majority for Mr. Bryan of nearly 7,000. The issue was 
made and fought on the question of tariff reform, and on 
taking his seat in congress, Speaker Crisp recognized the 
ability of the youthful representative, and contrary to all 
precedent, named Mr. Bryan a member of the important 
committee of Ways and Means. Strange to say, this ap- 
pointment was unopposed by a single member of the 
House. His first speech in the House of Representatives 
won for him immediate and marked recognition. The 
subject before the House was tariff reform, and as is 
usual with the maiden effort of every new representative, 
his recognition by the Speaker emptied the seats, the mem- 
bers taking refuge in the lobby and anti-rooms. In the 
midst of this confusion the young orator began. One by 
one, as his words rang through the chamber and pene- 
trated the cloak-rooms, the Democratic members flocked 
around the new speaker, and soon, not only the Democrats, 
but every Republican member was in the hall, and listen- 
ing intently to every word that fell from his eloquent 
tongue. The galleries soon filled— that secret telegraph, 
so potent in the national capital, had notified the visitors^ 
and even the staid senators, that there was an unusual 
attraction in the House. Young Bryan held a continually 
increasing audience until he had finished. The interrup- 



22 WILLIAM JENNINGS BRYAN. 

tions interposed by experienced legislators on the Repub- 
lican side, in the shape of questions that would have puz- 
zled much older heads, but brightened the orator, and 
forced from him ready replies that sent one after another 
questioner to his seat. They had found more than their 
match in the youthful congressman. He aroused the 
enthusiasm of the Democrats, won the applause of the 
galleries, and disconcerted the Republicans. The first 
applause that interrupted his speech was when he said : 
*' There was once a time in the history of Nebraska when 
there was a sheep there for every person in the state; but 
now if every woman in Nebraska named Mary wanted a 
pet lamb, they would have to go outside the state to get 
them." He closed this, his maiden effort in the following 
words : 

*' The country has nothing to fear from the Democratic 
policy upon the tariff question. It means a more equal 
distribution of the great advantages of this country. It 
means that the men who produce the wealth shall retain 
a larger share of it. It means that enterprise shall be em- 
ployed in natural and profitable industries, not in unnat- 
ural and unprofitable industries. It means more constant 
employment for labor and better pay. It means the * max- 
imum of produce from the minimum of toil.' It means 
commerce with other countries and ships to carry on that 
commerce. It means prosperity everywhere and not by 
piece-meal. 

'' It is for this reason that young men of this country are 
coming to the Democratic party, as Mr. Clarkson, that high 
Republican authority, declared. It is because we are right, 
and right will triumph. The day will come, and that soon, 
I trust, when wiser economic politics will prevail than those 
to which the Republican party is wedded; when the laws in 
this country will be made for all and not for a few; 




Mrs. W. J. Bryan. 



WILLIAM JENNINGS BRYAN. 2$ 

when those who annually congregate about this capitol, 
seeking to use the taxing power for purposes of private 
gain, will have lost their occupation; when the burdens 
of government will be equally distributed and its blessings 
likewise. 

" Hail that day ! When it comes, to use the language 
of another, ' Democracy will be King. Long live the 
King!' " 

His graces as an orator at this time were described in 
the following words: 

'' Bryan neglects none of the accessories of oratory. 
Nature richly dowered him with rare grace. He is happy 
in attitude and pose. His gestures are on Hogarth's line 
of beauty. Mellifluous is the word that most aptly de- 
scribes his voice. It is strong enough to be heard by 
thousands; it is sweet enough to charm those least inclined 
to music. It is so modulated as not to vex the ear with 
monotony, and can be stern or pathetic, fierce or gentle, 
serious or humorous with the varying emotions of its mas- 
ter. In his youth Bryan must have had a skilful teacher 
in elocution and must have been a docile pupil. He en- 
riches his speeches with illustrations from the classics or 
from the common occurrences of everyday life with equal 
felicity and facility. Some passages from his orations are 
gems and are being used as declamations by boys at school. 
But his crowning gift as an orator is his evident sincerity. 
He is candor incarnate and thoroughly believes what he 
says." 

In the Fifty-second Congress Mr. Bryan introduced 
successive petitions against the opening of the Columbian 
Exposition at Chicago on Sunday and also against the sale 
of intoxicants on the grounds. In behalf of his state he 
introduced bills for the erection of public buildings at 
Lincoln, South Omaha, and Plattsmouth. He also advo- 



26 WILLIAM JENNINGS BRYAN. 

cated the establishment of a United States branch mint at 
Omaha. In the interest of the former he introduced and 
supported bills placing salt, lumber, barb-wire and binding 
twine on the free list. In a speech of great power, and 
one which disclosed evidences of superior statesmanship and 
knowledge of constitutional law, Mr. Bryan proposed the 
election of United States senators by a direct vote of the 
people. This speech won for the youthful representative 
full recognition from the older members of the house, 
and determined his place as a leader. He was returned 
to the Fifty-third Congress by a scant plurality of 140 
votes in a total of 30,000. This was owing to the fact that 
his opponent, Allen W. Field, was also an advocate of 
the free coinage of silver, and the canvass was turned 
solely on the tariff question, on which subject the senti- 
ment in the district had greatly changed. In the Fifty- 
third Congress he again served on the Ways and Means 
Committee. He became the avowed champion of free 
silver, and Mr. Bland selected him as his lieutenant in the 
fight. In the previous Congress he had been recognized 
as a silver man, but his full strength and prowess was not 
manifested until his speech against the repeal of the Sher- 
man silver coinage act made him an acknowledged leader. 
On that occasion he held the close attention of the House 
and of the galleries thronged with auditors for three hours. 
He was accorded this most respectful attention by both 
sides of the House and the interest of the oldest members. 
The scene was a remarkable one — the subject as expounded 
by Mr. Bryan was a revelation to conservative listeners, 
who had not watched the increasing interest forced upon 
the public mind by the demands of the yeomanry of the 
West and South for some relief from the burdens of a 
stringent money market. At the end of his second term 
in Congress Mr. Bryan declined a renomination, and took 




Mr. and Mrs. Bryan, 

FATHER AND MOTHER OF W. J. BRYAN. 



WILLIAM JENNINGS BRYAN. 29 

up the practice of law and the lecture platform. He soon 
after accepted the chief-editorship of the Omaha World- 
Herald, which he made the silver organ of the Northwest. 
PHe was presented by the Democratic members of the leg- 
islature of Nebraska as their candidate for the United 
States Senate in 1894, but was defeated by the Republican 
candidate, John M. Thurston. He then devoted his 
whole time to the advocacy of the free coinage of silver, 
both editorially and on the lecture platform throughout 
the West and South. He was a contesting delegate to the 
Democratic National Convention at Chicago in 1896, and 
upon the admission of his delegation to seats on the sec- 
ond day of the convention, he made his celebrated speech 
to which is accredited his nomination as their candidate 
for President of the United States the following day. His 
life from that time became a chief part in a national con- 
troversy, in which he is upholding the standard of bimet- 
allism or gold and silver, against the standard of mono- 
metallism or gold only, as carried by Mr. McKinley. 

On revisiting his old home and birthplace, immediately 
after his nomination, he was received by the entire populace, 
irrespective of party affiliations. His speech made there 
at that time throws a powerful light on the man, inspired 
by the sight of his home, the recollections of his boyhood 
days, the memories of his now sainted mother, at whose 
newly made grave he had just stood, and at whose knee 
he learned his duty to his God, and that patriotic father, 
at whose side he had imbibed the first draughts of patriot- 
ism and gained knowledge of the rights of his fellow- man. 
He said : 

*• I shall leave all discussion of party questions to those 
who shall follow. Returning to the scenes which sur- 
round my home, the memories of other days crowd out all 
thoughts of other subjects on which we may agree or dif- 



30 WILLIAM JENNINGS BRYAN. 

fer. I remember with grateful appreciation the kindly 
feeling on church and party lines when I lived among you, 
and I shall not attempt to divide by party lines those who 
are here to-day. 

" This is the home of my birth and early manhood. 
Three blocks south is my birthplace. A mile southwest 
is the home of my early boyhood. I shall never fail to be 
grateful to my parents for taking me to the farm, where I 
gained the physical strength that enabled me to stand the 
rigors of a political life. 

" I believe that there is an ideal plane in politics, and I 
believe we stand upon it to-day. We meet to-day, recog- 
nizing the differences of feeling, but with charity toward 
each other. We are all imbued with the same spirit, all 
imbued with the same ambition, and all aiming to carry 
out the same purpose. We want government of the people, 
for the people, and by the people, and if we differ as to 
the means, we cannot differ as honest citizens in purpose. 

*' We all agree in this, that, whenever the government 
comes in contact with the citizen, and the citizen with the 
government, we all stand equal before the law. We agree 
that the government can be no respecter of persons, and 
that its strength — its matchless strength — must be the 
protector of the fortunes of the great and the business of 
the poor ; that it shall stand, an impartial arbiter, between 
all of its citizens. 

"We believe that governments derive their just powers 
from the consent of the governed. We know no divine 
right of kings. The citizens are those upon whom rest 
the responsibilities of government, and while each strives 
in his own way to bring the government to a fit expression 
of the virtue of the people, we cannot agree upon those 
minor points which separate us. 

*' It was here I received my first instructions in Democ- 



WILLIAM JENNINGS BRYAN. 3I 

racy. It was here I learned the truth of the saying that 
clothes do not make the man. But all who have the good 
of the country at heart, all these stand on a common 
ground, and all are citizens. These are the basic prin- 
ciples upon which rests the greatest nation on earth. 

<< I believe in the progress of the race. Talk not to me 
of crises through which we cannot pass, or obstacles too 
great to overcome. I know none such. A patriotic peo- 
ple are ready to meet every emergency as it arises, and as 
each generation follows, I believe it will be better fitted 
to perform the work of progress than ever before. 

<' It was here that I learned freedom of conscience. 
Every man has the right to worship God according to his 
own conscience, and no man shall dictate how a man shall 
serve his God." 



BRYAN-SEWALL-PROSPERITT. 

'* We have come upon times of great agitation, and there are 
some who are quick to condemn the agitator. But, my friends, 
agitation in a country like <.urs is tlie only way to secure justice. 
The agitator is accused of stirring up discontent. Discontent 
lies at the bottom of all progress. If our forefathers had been 
content we would be to-day under British ruie."-W. J. Bryan. 

" When an agitator presents a question we should only inquire. 
Is the proposition which he presents the right one] Jefferson 
told us that the only duty of mankind was to protect men at the 
iiands of their fellows. Every act beginning ' i hou slialt not ' is 
simply an act intended to protect some individual from some 
other individual, and, my frends, I say to you that no govern- 
raent is worthy of the name which is not strong enough to protect 
itshumblestcitizenin every landfromoppression,"-W. J. Bryan. 



BRTAN-SEWALL-PROSPERITT. 

Over against McKinley, the beneficiary of trusts, ta iff com- 
bines and millionaire monopolists, the Democratic party Isas 
set I5iyan, a man owing his advancement to his own nnaided 
efforts, a poor man of simple life and simple associations. No 
clique controls him, no band of organized tax-eaters holds him 
in its clutch. He is not a lifelong office-holder, but has, except 
for two terms in Congress, been at all times self-supporting, fol- 
lowing conjointly the occupations of lawyer and journalist. His 
public record in Congress shows him to have been always on 
thesideof the people as against the classes that fatten them- 
selves from the people's earnings. As representative his voice 
was raised for lower tariff duties, for a^i income tax, for an 
anti-option bill, and against the Cleveland plan for contraction 
of the currency. 

If the single issue of free silver be set aside, the platform 
adopted by the Democrats in Chicago is a text-book and a creed 
of true Democracy. Its denunciation of the Cleveland bond- 
deals, its pronouncement on the tariff, its reassertion of the 
rightoousness and propriety of the income tax, its declarations on 
the mooted questions of trusts and federal control of railways, 
its sturdy demand that the national (xovernnient shall wrest 
justice from the Pacific railroads, its frank utterance upon the 
question of a third term, and its outspoken condemnation of 
federal intervention in the affairs of independent States, are all 
expressions of traditional and militant Democracy. No earnest 
and sincere Democrat can repudiate such a platform to indorse 
the McKinley policy of plutocracy and evasion. 

When Jefferson was elected, the people in the stanch Federalist 
sections d'^spaire?! of the Republic. They expected to see the 
Government crumble to pieces about their ears. But to their 
astonishment the Republic went on, greater, more powerful 
and more honored than ever. And so it will go on after the 
election of Bryan. The historian of the twentieth century will 
relate the outbreak of the curious hysteria of 1896 with the 
same amusement with which the historian of to-day tells of the 
delusions of 1800.— From Editorials, N. Y. Journal. 

32 




Arthur Sewall. 



ARTHUR SEWALL: BIOGRAPHICAL 
SKETCH. 

Arthur Sewall, ship builder, business man, and 
National Democratic candidate for Vice-President of the 
United States, was born in Bath, Me., Nov. 25, 1835, 
third son of William Dunning and Rachel Trufant Sewall. 
His great-grandfather, Col. Dummer Sewall, came to Bath, 
Me., from York, also a district of Maine, in 1762, pur- 
chased the site of the present Sewall estate, was an officer 
in the French and Indian war, and subsequently in the 
war of the American Revolution. He was fifth in descent 
from Henry Sewall, who was mayor of Coventry, Eng- 
land. Henry's grandson married Jane Dummer and emi- 
grated to America in 1634, settling at Newbury, Mass. 
Judge Samuel Sewall of Salem, the first Chief-Justice 
immortalized by Whittier as the '' good and true," who was 
made famous in the celebrated witchcraft trials of that 
town, and one of the board of overseers of Harvard, was a 
son of this Sewall, and his brother, John Sewall, was the 
direct ancestor of all the Sewalls of Maine. Arthur was edu- 
cated in the best schools of Bath, and at an early age ap- 
prenticed to his father in the ship-building business. Here 
he passed the several grades of progression, and became 
a thorough master of the business. His first visit to the 
outside world was a voyage to Prince Edward's Island, 
where he exchanged a cargo of merchandise for ship tim- 
ber, to supply his father's yards on the Kennebec. Upon 
his return, although scarcely twenty years old, he, with his 
brother, Edward, purchased the business of William D. 

35 



36 ARTHUR SEWALL : BIOGRAPHICAL SKETCH. 

Sewall and Clark & Sewall, and, under the name of E. & 
A. Sewall, launched their first ship, the Holyhead^ of over 
i,ooo tons burden. This was in 1855. 

The Bath Sewalls have been closely identified with 
Bath's chief industry, ship building, since 1823, when 
William D. Sewall opened the small shipyard on the banks 
of the Kennebec next to the family homestead. He was 
succeeded in business by Clark & Sewall. These two 
earlier firms built twenty-nine wooden vessels between 
1823 and 1854. 

In 1859 Mr. Sewall was married to Emma Duncan, 
daughter of Charles Crooker, an old-time ship-builder and 
merchant. She was educated at Ipswich, Mass. She has 
traveled extensively, is a thorough French linguist, an 
artist with pen and camera, and a historical student. She 
is a woman of quiet and refined tastes. They have two 
sons living, Harold Marsh and William Dunning, and four 
grandchildren, Loyall Farragut, Arthur, Margaret and 
Dorothy Sumner. 

The firm of E. & A. Sewall was dissolved in 1879 by the 
death of Edward Sewall. This firm, in its twenty-four 
years of existence, had built forty-six wooden vessels. In 
1879 Arthur Sewall, his son, William D. Sewall, and his 
nephew, Samuel S. Sewall, a son of the late Edward 
Sewall, formed the firm of Arthur Sewall & Co. 

Arthur Sewall is about the only man in the country who 
has persisted in building ships in the face of what other 
builders have considered disaster. Before the first admin- 
istration of Mr. Cleveland grass grew in every wooden ship- 
building yard on both coasts. But Mr. Sewall, believing 
that a turn for the better soon would come, resumed building, 
and with greater earnestness that ever before. There fol- 
lowed in quick succession four monsters, each representing 
a sum beyond $125,000. These were the Rappahannock, 



ARTHUR SEWALL : BIOGRAPHICAL SKETCH. 37 

Shenandoah, Susquehanna, and Roanoke, all wooden ves- 
sels, averaging about 3,000 tons net each, capable of car- 
rying easily a tonnage in cargo of half as much more. 
The Roanoke was the largest. This ship, built in 1892, 
measures 3,400 tons, and is now the largest wooden ship 
afloat. The Shenandoah measures 3,258, and the Susque- 
hanna 2,629. ^^^ ^i"^ magnificent vessels, and as a fleet are 
classed superior to any other similar fleet, in one control, 
in the world. 

In the spring of 1893 Arthur Sewall, having made a tour 
of all the noted shipyards of the world, to keep abreast of 
the march of progress in marine construction, returned to 
Bath and began the equipment of the firm's shipyard for 
the complete construction of steel sailing vessels, and the 
first result of this equipment was the launching of the 
noble steel ship appropriately call the Dirigo. This 
mammoth vessel, added to those mentioned, composed 
the largest fleet of sailing vessels in the United States. 
The Dirigo was launched in 1894, and measures 2,856 
tons. She was the first steel sailing ship built in America. 
To show in what proportion the business of the Sewall's has 
grown in comparison with the growth of other large busi- 
nesses of the country, it may be stated that the tonnage of 
the Indiana, launched in 1876, is 1,488, while that of the 
i?^^;/^^^, launched seventeen years later, is 3, 400, nearly two- 
and-a-half times as great. In addition to his large fleet of 
square rigged ''deep water" ships, Mr. Sewall has con- 
structed and manages a large fleet of three and four-masted 
schooners, which are engaged in the coal, ice and lumber 
trade on the Atlantic coast. One of these vessels, the Car- 
rie A. Lane, a three-masted schooner of less than 800 tons, 
was sent some years ago around Cape Horn from New York 
to San Francisco. She was the first vessel of anything 
like her kind or size to make this voyage. 



38 ARTHUR SEWALL : BIOGRAPHICAL SKETCH. 

Besides his extensive interests in shipping, Mr. Sewall 
is interested in railroads, the Bath Iron Works, which 
built the United States gunboats Castine and Machias 
and the ram Katahdin, and other enterprises. If 
Mr. Sewall could have had his way, and had the con- 
ditions been favorable, he would have devoted all his time 
to the building of ships. His capabilities as a man of 
affairs have been the means of drafting him into other 
work. His father had been a director on the Portland 
and Kennebec railroad, and Arthur took his father's place. 
He has had extensive connection with other roads, not 
only in Maine, but in Mexico and the Western States, 
and he has been president of the Maine Central system. 
He is a man of executive capacity, excellent business 
judgment and a good counsellor in business enterprises, 
and it is perhaps due more to his possession of these qual- 
ities than to the ownership of any very large amounts of 
stock that he has been called to the corporate positions 
which he has filled. Mr. Sewall is a Mason, and a mem- 
ber of the Swedenborgian church. He belongs to no 
other society, secret or otherwise. He is president of the 
Merchant's Marine Association, which has been organized 
to restore American shipping by discriminating duties. 

He supported the navigation laws with these arguments: 
** If for no other reason than keeping our flag afloat, the 
present navigation laws merit the support of every Amer- 
ican citizen. Why, it seems to me that it ought to be 
worth millions to us to have our flag carried around the 
world. From the patriotic standpoint, aside from that of 
commercial expediency, I cannot see how the thought of 
an American flag flying over anything that is not Ameri- 
can can fail to be offensive. No matter what kind of a 
bill is passed by the friends of the so-called ' Free Ship 
laws,' owners will put their ships under whichever flag 



ARTHUR SEWALL : BIOGRAPHICAL SKETCH. 39 

best suit their purposes, and so, in case of war, the advan- 
tages will be wholly on the side of the foreign owner.'* 

During the greater part of Mr. Cleveland's first admin- 
istration Mr. Sewall was on terms of close intimacy with 
the President, and every appointment which he recom- 
mended was made. But the free silver views of Mr. Sew- 
all had at that time caused him to be classed by many of 
his friends in the East as a man who had gone wild on 
money questions. As a result of Mr. Cleveland's opposi- 
tion to silver, Mr. Sewall fought against his renomination. 
He worked unceasingly for Cleveland's defeat at Chicago, 
standing for David B. Hill to the end but then came into 
line and helped elect the nominee. He never ceased to be 
an active member of the party. He was the unanimous 
choice of his party in Maine for United States Senator in 
1892, and the attempt to turn him down at the State 
Convention by a resolution denouncing his free silver 
views failed. 

Mr. Sewell was a delegate to the National Democratic 
Convention at Baltimore in 1872; at Cincinnati in 1880 
and 1884; at St. Louis in 1888; and at Chicago in 1892 
and 1896. At Chicago in July, 1896, he was one of the few 
advocates from New England of the free and unlimited 
coinage of silver. He was selected by the convention as 
their candidate for the office of Vice-president of the 
United States, and in an interview at the time voiced his 
sentiments on the platform as follows: 

" There are thousands of business men in the East who 
are turning away from the single gold standard. It is not 
a class issue. In my opinion there is not a legitimate 
business in this country but that would be benefited by 
the restoration of silver to its rightful place in our na- 
tional currency. 

''I have been an advocate of silver ever since Congress 



40 ARTHUR SEWALL : BIOGRAPHICAL SKETCH. 

demonetized that metal in 1873. I held at the time that 
a mistake had been made, and have had no reason since 
to change my mind. 

''There are two sides to every question, and as an indi- 
vidual banker I have a perfect right to take a position 
opposite to those who constitute the majority in the bank- 
ing business. As I said before, this is not a technical 
question nor a class issue." 

Upon his return to his home in Bath he received an 
ovation from his fellow citizens long to be remembered 
by the staid people of that maritime town. The mayor 
warmly welcomed the nominee, and Mr. Sewall in the 
course of his reply to the warm welcome, said : 

"It was a great convention, yet it did not seem to me to 
be a partisan one. It seemed more like the uprising of the 
people, and they seemed to be controlled by one idea, 
and that idea has filled me for years. They knew that 
this country is in deep distress, that it has been in dis- 
tress for years, and that the great trouble is with our 
monetary system; and they believe as I believe, that there 
is only one remedy. They entertain no dishonest or dis- 
honorable idea, but they demand that we be carried back 
to the money of our fathers, to that monetary system 
under which this government flourished for so many years, 
and they believe that is the only road to prosperity." 

"The keynote of the Chicago platform is found in the 
Declaration of Independence. It simply implies that wherever 
the (lovernmeut comes in contact with the citizen, wherever 
the citizen touches the Government, that all stand upon a com- 
mon level, and there shall be equal rights to all and special 
privileges to no one."— William J. Bryan. 




Senator John K, Jones. 



THE DEMOCRATIC NATIONAL 
PLATFORM. 

The Democratic National Convention met at Chi- 
cago, 111., on Tuesday, July 7, 1896, and by a vote of 628 
ayes to 301 noes, adopted the following platform : 

We, the Democrats of the United States, in national 

convention assembled, do reaffirm our allegiance to those 

great essential principles of justice and liberty upon which 

our institutions are founded, and which the Democratic 

^_ ^„ . „.,„ party has advocated from Teffer- 

DEMOCRACY STANDS ^ / ,. , r , 

FOR Freedom of Speech, son s time to our own-freedom 
Freedom of the Press, of speech, freedom of the press, 
Freedom of Conscience, freedom of conscience, the pres- 
aud the Preservation of ervation of personal rights, the 
Personal Rights. equality of all citizens before the 

law, and the faithful observance of constitutional limita- 
tions. 

During all these years the Democratic party has resisted 
the tendency of selfish interests to the centralization of 
governmental power, and steadfastly maintained the in- 
tegrity of the dual scheme of government established by 

DEMOCRACY RESISTS ^^^ ^^""^^^^ ^^ ^^'' ''"P"^^^^ ^^ 
Selfish Interests and the republics. Under its guidance 
Centralization of Govern- and teachings the great principle 
mental Povf er, of local self - government has 

found its best expression in the maintenance of the 
rights of the States and in its assertion of the necessity 
of confining the general government to the exercise of 
powers granted by the constitution of the United States. 

43 



14 THE DEMOCRATIC NATIONAL PLATFORM. 

Recognizing that the money question is paramount to 
all others at this time, we invite attention to the fact that 
DEMOCRACY INSISTS the constitution names silver and 
UPOiN Honest Money as gold together as the money met- 
Provided for in the Con- ^\^ ^f the United States, and that 
sntutionthrough the use ^^^ ^^^^ ^^. ^^^ ^^^^^ ^ 

ofbothSilver andGold, a , ^ , ^ . . 

Silver Dollar haying been congress under the constitution 
theOriginalUnitof Money made the silver dollar the money 
Yalue. unit, and admitted gold to free 

coinage at a ratio based upon the silver dollar unit. 

We declare that the act of 1873, demonetizing silver 

DEMOCRACY DE- without the knowledge or approval 
CLARES the Residt of of the American people, has re- 
theAetof 1873, Demo net- suited in the appreciation of gold 
izing Silver without the and a corresponding fall in the 
knowledge or approval of -^^^ ^^ commodities produced 
the American People, to , , 

have been the apprecia- ^V ^^^ P^^P^^ ' ^ ^^^^^ ^"^^^^'^ 
tion of Go'.d and the Gen- m the burden of taxation and of 
eral Fall in Prices. all debts, public and private ; the 

enrichment of the money-lending class at home and abroad, 
the prostration of industry and impoverishment of the 
people. 

We are unalterably opposed to monometallism, which 
has locked fast the prosperity of an industrial people in 
the paralysis of hard times. Gold monometallism is a 

DEMOCRACY OP- ^^^^^^^ policy, and its adoption 
POSES Menometallism, a has brought other nations into 
British policy, Un-Amer- financial servitude to London. It 
ican and Anti- American. [^ ^ot only un-American, but anti- 
American, and it can be fastened on the United States 
only by the stifling of that indomitable spirit and love of 
liberty which proclaimed our political independence in 
1776, and won it in the war of the revolution. 

We demand the free and unlimited coinage of both gold 



THE DEMOCRATIC NATIONAL PLATFORM. 45 

and silver at the present legal ratio of i6 to i, without 

waiting for the aid or consent of 

DEMOCRACY DE- ^^^ ^^her nation. We demand 

MANDS the Free and Un. ^^^ ^^^ standard silver dollar 

^i^EVtr.^^^^^^^^^ shaIL.be a full legal tender, equal- 
the present legal ratio of ly with gold, for all debts, public 
16 to 1, making either and private, and we favor such 
metal a Full Legal Tender legislation as will prevent for the 
For All Debts. future the demonetization of any 

kind of legal tender money by private contract. 

We are opposed to the policy and practice of surren- 
dering to the holders of the obligations of the United 

DFMOCRACY CON. States the option reserved by law 
DEMNrthe traL^ng to the government of redeemmg 
with Banking Syndicates such obligations m either silver 
to supply the Federal coin or gold coin. 
Treasury with Gold, to Weareopposed to the issuing of 
maintain the Policy of _ . ^^^^^ ^^ ^^^ 

Gold Monometallism, "^^'"^ .^ . ^ 

through the sale of Inter'. United States m time of peace 
est Bearing Bonds. and condemn the trafficking with 

banking syndicates which, in exchange for bonds, and at 
an enormous profit to themselves, supply the federal trea- 
sury with gold to maintain the policy of gold monomet- 
allism. 

Congress alone has the power to coin and issue money, 
and President Jackson declared that this power could not 

DEMOCRACY CLAIMS ^^,.^^>7^^ i? 'Zef^e'de' 
for Congress alone the mdividuals. We, therefore, de- 
power to Coin and Issue mand that the power to issue notes 
Money. to circulate as money be taken 

from the national banks, and that all paper money shall 
be issued directly by the treasury department, be redeem- 
able in coin, and receivable for all debts, public and pri- 
vate. 



46 THE DEMOCRATIC NATIONAL PLATFORM. 

We hold that tariff duties should be levied for purposes 
of revenue, such duties to be so adjusted as to operate 

DEx^OCRACY HOLDS equally throughout the country 
that Tariff Duties should and not discriminate between class 
be levied for purposes of qj. section ; and that taxation 

Revenue Only, and limit- i iJui-4.^Ui.u j r 

I u ^1 i **!. /. should be limited by the needs of 
edby theneedsofthefclov- -^ 

ernment, Honestly and ^^^ government, honestly and eco- 
Economically Adminis- nomically administered. We de- 
tered. nounce, as disturbing to business, 

the Republican threat to restore the McKinley law, which 
has twice been condemned by the people in national elec- 
tions, and which, enacted under the false plea of protection to 
DEMOCRACY DE- home industries, proved a prolific 
NOUNCES the McKinley breeder of trusts and monopolies, 
law as having proved a enriched the few at the expense 
Prolific Br^^eder of Trusts ^,, ...j.j ■, 

and monopolies, enriching ^^ ^^^ ^^"y' restricted trade and 
the Few at the Expense of deprived the producers of the 
the Many. great American staples of access 

to their natural markets. Until the money question is 
settled we are opposed to any agitation for further changes 
in our tariff laws, except such as are necessary to meet the 
deficit in revenue caused by the adverse decision of the 
supreme court on the income tax. But for this decision 
by the supreme court, there would be no deficit in the 
DEMOCRACY DE- revenue under the law passed by 
MANDS from Congress a Democratic congress in strict 
the useofall Constitutional pursuance of the uniform decis- 
power to enact and en- ions of that court for nearly one 
force an Income Tax im- ^^^^^^^ ^^^^ ^^^^^ ^^^- 

partially laid, so that . , , . . . , 

Wealth may bear its due ^^ ^^^^ decision sustained consti- 
proportion of the Expenses tutional objections to its enact- 
<>f the Government. ment which had previously been 

overruled by the ablest judges who have ever sat on 
that bench. We declare that it is the duty of congress to 




Senator Arthur P. Gorman. 



THE DEMOCRATIC NATIONAL PLATFORM. 49 

use all the constitutional power which remains after that 
decision, or which may come from its reversal by the court 
as it may hereafter be constituted, so that the burdens of 
taxation may be equally and impartially laid to the end 
that wealth may bear its due proportion of the expenses 
of the government. 

DEMOCRACY ADVO- ^" ^^^^ '^^' '^^ "^^'^ "^"^""' 
CATES the Protection of ^ay of protectmg American labor 
Americau Labor by re- is to prevent the importation of 
stricting the Importation foreign pauper labor to compete 
of Foreign Pauper Labor ^ith it in the home market and 
^ * that the value of the home mar- 

ket to our American farmers and artisans is greatly re- 

DEMOCRACY CLAIMS, ^"^^^ ^^ ^ ^^^^^"^ monetary sys- 
that tlie depressed prices tem which depresses the prices of 
for the products of Amer- their products below the cost of 
ican Farmers, due to a production, and thus deprives 
Vicious Monetary System, ^^^^ ^^ ^^^ ^^^^^ ^^ purchasing 
deprives them of tiie means , , ^ ; 

ofpurchasing the products ^^^ Products from our home man- 
from our Home Manufac- ufacturers. 

turers. The absorption of wealth by the 

few, the consolidation of our leading railroad systems and 

DEMOCRACY WAllKS ^^^ formation of trusts and pools 
the people against the Ab- require a stricter control by the 
sorption of the Wealth by federal government of those arter- 
the Few, the consolida- jgs of commerce. We demand 
tion of Railroad Systems, ^^^ enlargement of the powers of 
the formation of Trusts , . ^ ^ . 

and Pools as a menace to a ^^^ interstate commerce commis- 
free government, demand- sion and such restrictions, and 
ing a stricter control by guarantees in the control of rail- 
the Fedenil Government, roads as will protect the people 
from robbery and oppression. 

We denounce the profligate waste of the money wrung 
from the people by oppressive taxation and the lavish ap- 



50 THE DEMOCRATIC NATIONAL PLATFORM. 

propriations of recent Republican congresses, which have 
kept taxes high while the labor that pays them is unem- 

DEMOCRACY DE- Pjoyed and the products of the peo- 
PLORES the TTaste of P^^'s toil are depressed in price 
Public >foney, as wihies- till they no longer repay the cost 
i-ed in the Lavish Appro- of production. We demand a re- 
piiations of Republican turn to that simplicity and econo- 
Congresses. ^^^ which befits a Democratic gov- 

ernment, and a reduction in the number of useless offices, 
the salaries of which drain the substance of the people. 

DEMOCRACY OBJECTS We denounce arbitrary inter- 
to arbitrary interferences ference by federal authorities in 
by Federal Authorities in jocal affairs as a violation of the 
local affairs, and to gov- constitution of the United States 
ernnient by injunction, as , . ^ , . .^ 

highly dangerous to the ^"^ a crime against free institu- 
Rights of Citizens to Trial tions, and we especially object to 
by#iiry. government by injunction as a 

new and highly dangerous form of oppression by which 
federal judges in contempt of the laws of the states and 
rights of citizens, become at once legislators, judges and 
executioners, and we approve the bill passed at the last 
session of the United States senate and now pending in 
the house of representatives relative to contempts in fed- 
eral courts and providing for trials by jury in certain cases 
of contempt. 

No discrimination should be exercised by the govern- 
ment of the United States in fa- 

DEMOCRACY AP- . ^ . ^ ,,^,, w^ 

PROYES the refusal of ^^^ ^^ ^"^ °^ ''' ^f'^''- ^^ 
the Fifty-third Congress approve of the refusal of the i^if- 
to pass the Pacific Rail- ty-third congress to pass the Pa- 
road Funding bill, and ci^c railroad funding bill and de- 
deplores the efforts of the j^Q^j^ce the efforts of the present 
present Republican Con- ^ ... „ ^^ ..„o^f ^ 

gress to enact a similar Republican congress to enact a 
measure. similar measure. 



THE DEMOCRATIC NATIONAL PLATFORM. 51 

Recognizing the just claims of deserving Union soldiers, 
we heartily indorse the rule of the 

DEMOCRACY REC- present commissioner of pensions 
OGNIZES the just claims f, , , u u u . 1 

of deserving Union soldi- '^^' "^ "^^^^' '^^^^ ^^ arbitrarily 
ers, and heartily endorses dropped from the pension roll, 
the rule established by a and the fact of enlistment and ser- 
Demoeratic administra- vice should be deemed conclusive 
tion that no names shall evidence against disease or disa- 
be arbitrarily dropped ^.^. ^^^^^^ enlistment. 
ri'om the pension roll. -^ 

We favor the admission of the 

territories of New Mexico and Arizona into the Union as 

states, and we favor the early ad- 

DEMOCRACY FAYORS r n .u . •. ■ u 

.. -t . . „ ^, mission of all the territories hav- 

the admission of New 

Mexico and Arizona into ^^S ^^^ necessary population and 
the Union as States, and resources to entitle them to state- 
the early admission of aU hood, and while they remain ter- 
Territorieshaviugthenec- stories we hold that the officials 
essary population. .. j ^ ^ • • ^ ^u 

'' ^ ^ appointed to administer the gov- 

ernment of any territory, together with the District of Co- 
lumbia and Alaska, should be bona fide residents of the 
territory or district in which the duties are to be per- 
formed. The Democratic party believes in home rule and 
that all public lands of the United States should be ap- 
propriated to the establishment of free homes for Ameri- 
can citizens. We recommend that the territory of Alaska 
be granted a delegate in congress, and that the general 
land and timber laws of the United States be extended to 
said territory. 

We extend our sympathy to the people of Cuba in their 
heroic struggle for liberty and in- 

DEMOCRACY EX- dependence. 
TENI)S to the people of ^^ ^^^ ^ ^^^^ ^^ ,if^ ^^^^^^ 
Cuba its sympathy in theif . , , ,.^^ ,Tr r 

heroic Struggle for Liber- ^^ the public service. We favor 
ty and Independence. appointments based upon merit, 



52 THE DEMOCRATIC NATIONAL PLATFORM. 

fixed terms of office, and such an administration of the 
civil service laws as will afford equal opportunities to all 
citizens of ascertained fitness. 

We declare it to be the unwritten law of this republic, 
DEMOCRACY BE- established by custom and usage 
CLARES that no mau of one hundred years and sanc- 
should be eligible for a tioned by the examples of the 
Thii'd Term of the Presi- greatest and wisest of those who 
dential Office. founded and have maintained our 

government, that no man should be eligible for a third 
term of the presidential office. 

The federal government should care for and improve 
DEMOCRACY ASKS ^^^ Mississippi river and other 
the Federal Government great waterways of the republic, 
to care f<>r and improve all so as to secure for the interior 
the Great ^Waterways of states easy and cheap transporta- 
the Republic. ^-^^ ^^ tidewater. When any wa- 

terway of the republic is of sufficient importance to de- 
mand aid of the government, such aid should be extended 
upon a definite plan of continuous work until permanent 
improvement is secured. 

Confiding in the justice of our cause and the necessity 
DEMOCRACY AP- ^^ ^^^ success at the polls, we sub- 
PEALS to the considerate mit the foregoing declaration of 
judgment of the American principles and purposes to the con- 
people in behalf of the jus- siderate judgment of the Ameri- 
tice of its cause, and in- ,^ ,, i,_ We invite the support 
vites the support of all ' . . ^^ 

citizens anxious for reUef ^f all citizens who approve them 
and the Restoration of and who desire to have them made 
Prosperity. effective through legislation for 

the relief of the people and the restoration of the coun- 
try's prosperity. 




Editor John R. McLean. 



JUST WHAT THE PLATFORM IS. 

Mr. Bryan's Chicago Speech in Favor of 
the Adoption of the Platform. 

"Mr. Chairman and Gentlemen of the Convention:— I 
would be presumptuous, indeed, to present myself against 
the distinguished gentlemen to whom you have listened if 
this were but a measuring of ability, but this is not a con- 
test among persons. The humblest citizen in all the land 
when clad in the armor of a righteous cause is stronger 
than the whole hosts error can bring. 

'' I come to speak to you in de- 
*'I come to speak to you . . ,^,^ oo ^v,^ 

. , « « „ fence of a cause as holy as the 

in defence of a cause as '■^''^^ ^ r u 

holy as the cause of Uber- cause of liberty— the cause of hu- 
ty-the cause of human- manity. (Loud applause.) 
ity." " When this debate is concluded 

a motion will be made to lay upon the table the resolution 
offered in commendation of the administration, and also 
the resolution in condemnation of the administration. I 
shall object to bringing this question down to a level of 
^'The individual is but P^^^^^^' ^he individual is but 
an atom, but principles an atom; he is born, he acts, he 
are eternal." dies, but principles are eternal 

and this has been a contest of principles. 

*' Never before in the history of this country has there 
been witnessed such a contest as that through which we have 
passed. Never before in the history of American politics has 
a great issue been fought out, as this issue has been, by the 

55 



56 MR. BRYAN'S CHICAGO SPEECH. 

voters themselves. On March 4, 1895, a few Democrats, 
most of them members of Congress, issued an address to 
the Democrats of the nation, asserting that the money 

*'The money question question was the paramount issue 
is the paramount issue of of the hour; assertmg also the 
the hour." right of a majority of the Demo- 

cratic party to control the position of the party on this par- 
amount issue, and concluding with the request that all 
believers in free coinage of silver in the Democratic party 
should organize and take charge of and control the policy 
of the Democratic party. 

Three months later, at Memphis, an organization was 
perfected, and the silver Democrats went forth openly 
and boldly and courageously proclaimed their belief, 
and, declaring that if successful they would crystallize 
in a platform the declaration which they had made. And 
then began the conflict, with a zeal approaching the zeal 
which inspired the Crusaders who followed Peter the Her- 
mit. Our silver Democrats went forth from victory unto 

,, . . , , J X victory until they are assembled 

" Assembled to enter up -' ,. -^ , , 

the judgment rendered by "^^^^ ^^^ to discuss, not to debate, 
the plain people of this but to enter up the judgment ren- 
country." dered by the plain people of this 

country. (Applause.) 

" In this contest brother has been arrayed against 
brother and father against son. The warmest ties of love 
and acquaintance and association have been disregarded. 
Old leaders have been cast aside when they refused to give 
expression to the sentiments of those vrhom they would 

"New leaders have ^^ad, and new leaders have sprung 
sprung up to give direc- up to give direction to this cause 
tion to this cause of of truth. (Cheers.) 
truth." Thus has the contest been 

waged, and we have assembled here under as binding and 



MR. BRYAN'S CHICAGO SPEECH. 57 

solemn instructions as were ever fastened upon the repre- 
sentatives of a people. We do not come as individuals. 
Why, as individuals we might have been glad to compli- 
ment the gentleman from New York (Senator Hill), but 
we know that the people for whom we speak would never 
be willing to put him in a position where he could thwart 
the will of the Democratic party. I say it was not a 
question of persons; it was a question of principle, and it 
is not with gladness, my friends, that we find ourselves 
brought into conflict with those who are now arrayed on 
the other side. 

'' The gentleman who just preceded me (Governor Rus- 
sell) spoke of the old state of Massachusetts. Let me assure 
him that not one person in all this convention entertains the 
least hostility to the people of the state of Massachusetts. 
(Applause.) But we stand here 
"We stand here repre- ^ ^^^.^.^ le who are the 

senting people who are ""^ , . u i c.u o^ 
the equals before the law equals before the law of the great- 
of the greatest citizens of est citizens m the state of Massa- 
the State of Massaehu- chusetts. (Applause.) When 
st'tts." you come before us and tell us 

that we shall disturb your business interests, we reply that 
you have disturbed our business interests by your course. 
(Great applause and cheering.) 

<' We say to you that you have made too limited in its 
application the definition of ' business man.' The man 

^, ^, , . who is employed for wages is as 

"The man who is em- "^ ^ / ^ ,. 

ployed for wages is as much a busmess man as his em- 
much a business man as ployer. The attorney in a coun- 
his employer." try town is as much a business 

man as the corporation counsel in a great metropolis. The 
merchant at the cross roads store is as much a business 
man as the merchant of New York. The farmer who goes 
forth in the morning and toils all day, begins in the spring 



58 MR. BRYAN'S CHICAGO SPEECH. 

and toils all summer, and, by the application of brains and 
muscle to the natural resources of this country, creates 
'^The farmer who, by wealth, is as much a businessman 
the application of brain as the man who goes upon the 
and muscle to the natural Board of Trade and bets upon the 
resurces of the country, pj-j^e of grain. The miners who 
creates wealth, is as much ^^^^ thousand feet into the 

a busmess man as the man ** , , . , , , . 

who goes upon the board earth, or climb two thousand feet 
of trade and bets upon the upon the cliffs, and brmg forth 
price of grain.'' from their hiding places the pre- 

cious metals, to be poured into the channels of trade, are 
as much business men as the few financial magnates who, 
in a back room, corner the money of the world. 

"We come to speak for that broader class of business 
men. Ah, my friends, we say not one word against those 
who live upon the Atlantic coast; but those hardy pioneers 
who braved all the dangers of the wilderness, who have 
made the desert to blossom as the rose — those pioneers 
away out there, rearing their children near to Nature's 
heart, where they can mingle their voices with the voices 
of the birds— out there where they have erected school- 
houses for the education of their young, and churches 
where they praise their Creator, and cemeteries where 
sleep the ashes of their dead, are as deserving of the con- 
sideration of this party as any people in this country. 

"We have petitioned, (Great applause.) 
and our petitions have ''It is for these that we speak. 
been scorned. We have Wg do not come as aggressors. 
entreated, and our ^ en- Qur war is not a war of conquest. 
treaties have been disre- „. . .. . . a^c^^^^ r.( 

garded. We have begged ^e are fightmg m the defence of 
and they have mocked, our homes, our families and pos- 
andour calamity came." terity. We have petitioned, and 
our petitions have been scorned. We have entreated, and 
our entreaties have been disregarded. We have begged. 



MR. BRYAN'S CHICAGO SPEECH. $9 

and they have mocked when our calamity came. We beg 
no longer; we entreat no more; we petition no more. We 
defy them. (Great applause.) 

*< The gentleman from Wisconsin has said that he fears a 
Robespierre. My friend, in this land of the free you need 
fear no tyrant who will spring up from among the people. 

"What we need is an "^^^^ ^e need is an Andrew Jack- 
Andrew Jackson to stand son, to stand, as Jackson stood, 
as Jackson stood against against the encroachments of or- 
the encroachments of or- ganized wealth. (Great applause.) 
ganized wealth." ,, r^^^^ ^^^j ^^ ^^^^ ^^.^ p^^^^^^^ 

was made to catch votes. We reply to them that changing 
conditions make new issues; that the principles upon 
which rests Democracy are as everlasting as the hills, but 
that they must be applied to new conditions as they arise. 
Conditions have arisen, and we are attempting to meet 
those conditions. 

*' They tell us that the income tax ought not to be brought 
in here, that it is a new idea. They criticise us for our 
criticisms of the Supreme Court of the United States. My 
friends, we have not criticised. We have simply called 
attention to what you know. If you want criticisms read 
the dissenting opinion of the court. That will give you 
criticisms. They say we passed an unconstitutional law. 
I deny it. The income tax was not unconstitutional when 
it was passed. It was not unconstitutional when it went 
before the Supreme Court for the first time. It did not 

"When I find a man become unconstitutional until one 
who is not willing to pay judge changed his mind, and we 
his share of the burden of cannot be expected to know when 
the Government which a ^judge will change his mind. 
protects him, I find a /j ' , . 
man who is unworthy to ^ , . 

enjoy the blessings of a " '^^e mcome tax is just. It 
Government like ours." simply intends to put the bur- 



6o MR. BRYAN'S CHICAGO SPEECH. 

dens of government justly upon the backs of the people. 
I am in favor of an income tax. When I find a man who 
is not willing to pay his share of the burden of the govern- 
ment which protects him, I find a man who is unworthy to 
enjoy the blessings of a government like ours. 

*' He says that we are opposing the national bank cur- 
rency. It is true. If you will read what Thomas Benton 
said you will find that he said, that in searching history 
he could find but one parallel to Andrew Jackson. That 
was Cicero, who destroyed the conspiracy of Catiline to 
save Rome. He did for Rome what Jackson did when 
he destroyed the bank conspiracy and saved America. 

*'We say in our platform that we believe the right to 

,.„, . ,. . coin money and issue money is a 

We believe it is ft 
function of government t^> ^ ^^ction of government. We be- 
coin money and issue lieve it. We believe it is a part of 
money. We believe it is a sovereignty, and can no more with 
part of sovereignty that safety be delegated to private in- 
cannot safely be delegated ^ividuals than we could afford to 

to private individuals." , , , , , 

delegate to private individuals the 

power to make penal statutes or enact laws for taxation. 

'' Mr. Jefferson, who was once regarded as good demo- 
cratic authority, seems to have differed in opinion from 
the gentleman who has addressed us on the part of the 
minority, 

" Those who are opposed to this proposition tell us that 
the issue of paper money is a function of the bank, and 

"The banks ought to that the government ought to go 
go out of the Government out of the banking business. I 
business. stand with Jefferson rather than 

with them in holding, as he did, that the issue of money 
is a function of the government, and that the banks ought 
to go out of the government business. (Applause.) 

" They complain about the plank which declares against 



MR. BRYAN'S CHICAGO SPEECH. 6l 

the life tenure in office. They have tried to strain it to 
mean that which it does not mean. What we oppose in 
that plank is the life tenure that is being built at Washing- 
ton, which excludes from participation in official benefits 
the humbler members of society. I cannot dwell on this 
longer in my limited time. 

" Let me call attention to two or three great things. 
The gentleman from New York says that he will propose 
an amendment, providing that the proposed change shall 
not effect contracts already made. Let me remind him 

^.^, . . , ^. that there is no intention of affect- 
" There IS no intention . , ,. , , 

ofaffectingthesecontracts ^"g those contracts which, accord- 
which, according to the ing to the present laws, are made 
present laws, are payable payable in gold. But if he means to 
in gold." say that we cannot change our 

monetary system without protecting those who have loaned 
money before the change was made, I want to ask him 
where, in law or in morals, he can find authority for not 
protecting the debtors when the act of 1873 was passed, 
when he now insists that we must protect the creditor. 

'' He says he will also propose an amendment to provide 
that if we fail to maintain a parity within a year, we will 
then suspend the free coinage of silver. We reply, that when 
we advocate a policy which we believe will be successful, 
we are not compelled to raise a doubt as to our own sin- 
cerity by trying to show what we will do if we fail. I ask 
him, if he will apply his logic to us, why he does not ap- 
ply it to himself. He says that he wants this country to 
try to secure an international agreement. Why doesn't 
'^ Why doesn't he tell ^e tell us what he is going to do 
us what he is going to do if they fail to secure an interna- 
if they fail to secure an in- tional agreement ? There is more 
ternational agreement." reason for him to do that than for 
us to provide against failure. Our opponents tried for 



62 MR. BRYAN'S CHICAGO SPEECH. 

twenty years — for twenty years — to secure an interna- 
tional agreement, and those who are waiting for it most 
patiently don't want it at all, (Cheering and laughter, 
long continued.) 

"Now, my friends, let me come to the paramount issue 
of the day. If they ask us why it is that we say more on 
the money question than we say upon the tariff question, 

^'Ifprotection has slain ^ ^^P^^ ^^^^ '^ protection has slain 
its thousands, the gold its thousands, the gold standard 
standard has slain its has slain its tens of thousands. 
tens of thousands." if they ask us why we did not em- 

body all these things in our platform which we believe, we 

^cwmru ^ reply to them that when we have 

"When we have re- ^ -^ , , 
stored the money of the restored the money of the consti- 
Constitution, all other tution, all other necessary reforms 
necessary reforms will will be possible, and that until that 
be possible." jg done there is no reform that can 

be accomplished. (Cheers.) Why is it that within three 
months such a change has come over the sentiments of this 
country ? Three months ago, when it was confidently as- 
serted that those who believe in the gold standard would 
frame our platform and nominate our candidates, even then 
the advocates of the gold standard did not think that we 
could elect a President, but they had good reason for the 

^, ^, . , suspicion, because there is scarcely 

"There is scarcely a ^^ , , . -^ 

State here to-day asking a State here to-day askmg the gold 
the gold standard that is standard that is not within the ab- 
not within the absolute solute control of the Republican 
control of toe RepubU- party. (Loud cheering.) But 
note the change. Mr. McKinley 
was nominated at St. Louis, on a platform that de- 
clared for the maintenance of the gold standard until it 
should be changed into bimetallism by an international 
agreement. Mr. McKinley was the most popular man 



MR. BRYAN'S CHICAGO SPEECH. 63 

among the Republicans, and everybody three months ago 
in the Republican party prophesied his election. How is 
it to-day ? Why, that man who used to boast that he 
looked like Napoleon (laughter and cheering), that man 
shudders to-day when he thinks that he was nominated on 
the anniversary of the battle of Waterloo. Not only that, 
but as he listens he can hear with ever increasing dis- 
tinctness the sound of the waves as they beat upon the 
lonely shores of St. Helena. (Great applause.) 

''Why this change? Ah, my friends, is not the reason 
evident to any one who will look at the matter ? It is no 



ii 



It is no private char- 



private character, however pure, 



acter, however pure, no ^^^ personal popularity, however 
personal popularity, great, that can protect from the 
however great, that can avenging wrath of an indignant 
protect from the aveng- people the man who will either de- 
ingwrathof anindignant ^j^^^ ^^,^^ ^^ -^ .^ ^^^^^ ^^ ^^^^^^_ 
people the man who will . , , , , , 

declare that he is either ^"g ^^^ gold standard upon this 
in favor of fastening the people, or who is willing to sur- 
gold standard upon this render the right of self-govern- 
people, or who is willing ^ent and place legislative control 

to surrender the right • ^.u u ^ c c ,. ^ 4. 

„ ,„ , * - in the hands of forei2:n potentates 

of self-government and , , 

place the legislative con- ^^^ powers. (Tremendous ap- 
trol in the hands of for- plause.) 

eign potentates and pow- <' We go forth confident that we 
®^s» shall win. Why ? Because upon 

the paramount issue in this campaign there is not a spot of 
ground upon which the enemy will dare to challenge battle. 
Why, if they tell us that the gold standard is a good thing, 
we point to their platform and tell them that their plat- 
form pledges the party to get rid of a gold standard and 
substitute bimetallism. (Applause.) If the gold standard 
is a good thing, why try to get rid of it ? (Laughter and 
continued applause.) 



64 MR. BRYAN'S CHICAGO SPEECH. 

*' If the gold standard, and I might call your attention to 
the fact that some of the very people who are in this Con- 
vention to-day, and who tell you that we ought to declare 
in favor of international bimetallism, and thereby declare 
that the gold standard is wrong and the principle of bi- 
metallism is better — these very people four months ago 
were open and avowed advocates of the gold standard, 
and told us that we could not legislate two metals to- 
gether even with all the world. (Renewed applause and 
cheers.) 

" I want to suggest this truth, that if the gold standard is 
a good thing we ought to declare in favor of its retention, 
and not in favor of abandoning it, and if the gold standard 
is a bad thing, why should we wait until some other nations 
are willing to help us to let go ? (Applause.) Here is the 

''Here is the line of ^^^^ ^^ battle:— We care not upon 
battle. We care not up- which issue they force the fight. 
on which issue they force We are prepared to meet them on 
the fight." either issue, or on both. If they 

tell us that the gold standard is the standard of civiliza- 
tion, we reply to them that this, the most enlightened of 
all the nations of the earth, has never declared for a gold 
standard, and both the parties this year are declaring 
against it. (Applause. ) If the gold standard is the stand- 
ard of civilization, why, my friends, should we not have 
it ? So, if they come to meet us on that, we can present 
the history of our nation. 

" More than that, we can tell them this, that they will 
search the pages of history in vain to find a single instance 
in which the common people of any land have ever de- 
clared themselves in favor of a gold standard. (Applause.) 

" They can find where the holders of fixed investments 
have declared for a gold standard, but not where the 
masses have. 



i 



MR. BRYAN'S CHICAGO SPEECH. 65 

"Mr. Carlisle said in 1878, 'This is a struggle between 
the idle holders of idle capital and the struggling masses 

" This is a struggle be- who produce the wealth and pay 
tweenthe idle holders of the taxes of the country,' and, my 
idle capital and the strng- friends, it is simply a question that 
^Ung masses who prodQce ^^^ ^^^^^ ^^^-^ which side 

the wealth and pay the , ,, ,, ^^ ^. ^ c u^ ^ 

taxes of the country."- '^^^^ ^^^ Democratic party fight ? 
Secretary Carlisle in Upon the side of the < idle holders 
1878. of idle capital,' or upon the side of 

' the struggling masses ? ' That is the question that the 
party must answer first, and then it must be answered by 
each individual hereafter. 

" The sympathies of the Democratic party, as described 
by the platform, are on the side of the struggling masses 
who have ever been the foundation of the Democratic 
party. There are two ideas of government. There are 
those who believe that if you just legislate to make the 
well-to-do prosperous, their prosperity will leak through 
on those below. The democratic idea has been that if 

, . , , , vou legislate to make the masses 

*'It you legislate to -^ * , . . .,, 

make the masses prosper- Prosperous, their prosperity will 

ous their prosperity wUl find its way up through every class 

find its way up through which rests upon them. (Applause.) 

every class which rests a you come to us and tell us 

upon them." ^^^^ ^^^ ^^^^^ ^.^.^g ^^^ -^ ^^^^^ 

of the gold standard. I tell you the great cities rest upon 
these broad and fertile prairies. Burn down your cities 
*^Burn down your cities ^"^ ^^ave our farms, and your 
and leave our farms, and cities will spring up again as if by 
your cities will sprmg up magic; but destroy our farms and 
again as if by magic; but ^he grass will grow in the streets 
destroy our farms, and the ^^ ^. -^^ ^^-^ ^^ 

grass wiU grow m the ^ ^ , ^ 4^ . . , ,'. 

streets of every city in this (Applause.) My friends, we shall 
(ountry." declare that this nation is able to 



66 MR. BRYAN'S CHICAGO SPEECH. 

legislate for its own people on every question, without 
waiting for the aid or consent of any other nation on earth. 
(Applause.) Upon that issue we expect to carry every 
single state in this Union. (Applause.) I shall not slan- 
der the fair state of Massachusetts, nor the state of New 
York, by saying that when its citizens are confronted with 

"Isthis nation able to the proposition: Is this nation 
attend to its own busi- able to attend to its own business ? 
ness2" — I will not slander either one by 

saying that the people of those states will declare our help- 
less impotency as a nation to attend to our own business. 

" It is the issue of 1776 over again. Our ancestors, 
when but 3,000,000, had the courage to declare their po- 
litical independence of every other nation upon earth. 
Shall we, their descendants, when we have grown to 70,- 
000,000, declare that we are less independent than our 
forefathers ? No, my friends, it will never be the judg- 
ment of this people. (Applause.) 

" Therefore, we care not upon what lines the battle is 
fought. If they say bimetallism is good, but we cannot have 
it until some nation helps us, we reply that, instead of hav- 
ing a gold standard because England has, we shall restore 
bimetallism and then let England have bimetallism because 
the United States has. (Applause.) If they dare to come 
out and in the open defend the gold standard as a good 
thing, we shall fight them to the uttermost. Having behind 
us the producing masses of this nation and the world; hav- 
ing behind us the commercial interests, and the laboring in- 
terests, and all the toiling masses, we shall answer their de- 
" You shaU not press mands for a gold standard by say- 
down upon tlie brow of ing to them: You shall not press 
labor this crown of thorns, ^^^^.^-^ ^jp^^ the brow of labor this 
you shall not crucify man- ^^, ,. , ,, 

kind upon a cross of ^^^^^^^^^ t^^^^^^' "^^^ ^^^^^ "^^ ^^^- 
gold." cify mankind upon across of gold." 




Senator Stephen M. White. 



MR. BRYAN NOMINATED. 

Mr. Bryan was placed in nomination by Delegate Hal 
Lewis of Georgia, in these words: 

" Mr. President and gentlemen of the convention— I did 
not intend to make a speech, but simply, in behalf of the 
Democratic party of the state of Georgia, to place in nom- 
ination as the Democratic candidate for President of the 
United States, a distinguished citizen, whose very name is 
an earnest of success, whose public record will insure Dem- 
ocratic victory, whose public life and public record are 

^^ShouldpubUcofficebe ^°^"^ ^"^ ^^"^^^^ ^^ ^^^ ^^^^i" 
bestowcd as a reward for ^^" people. Should public office 
public service, tiieii no be bestowed as a reward for pub- 
man merits this reward lie service, then no man merits 
more than lie. Is public this reward more than he. Is pub- 
office a public trust? Then i- rn 11. -.J;, 
inne hands can be more ^^^ °^^^ ^ P"^^^^ ^^"^^^ Then 
safely lodged that grat- ^" "° hands can be more safely 
est trust in the gift of the lodged that greatest trust in the 
American people than in gift of the American people than 
*»*«•" in his. 

" In the political storms that have swept over this coun- 
try, he has stood on the field of battle among the leaders 
of the Democratic hosts like Saul among the Israelites, 
head and shoulders above all the rest. (Applause.) 

'' As Mr. Prentice said of the immortal Clay, so we can 
truthfully say of him 'that his 

"His civil reward wm civil reward will not yield in splen- 
uot yield m splendor to the •, . .1 , , , , , 

brightest helmet that ever ^°' ^^ ^^^ brightest helmet that 
bloomed upon a warrior's ^^^^ bloomed upon a warrior's 
brow." brow.' He needs no speech to in- 

69 



JO MR. BRYAN NOMINATED. 

troduce him to this convention. He needs no encomium 
to commend him to the people of the United States. 
Honor him, fellow Democrats, and you will honor your- 

,,„ , , , selves ; nominate him, and you 

"Honor him and you .,, ' ^ .. ' . 

wiU win for yourselves ^^^^ ^^^^^t credit upon the party 
the plaudits of your con- you represent ; honor him, and 
stituents and the blessing you will win for yourselves the 
of posterity." plaudits of your constituents and 

the blessing of posterity. I refer, fellow citizens, to the 
Hon. William J. Bryan of Nebraska." (Prolonged ap- 
plause and continuous cheers.) 

Delegate Klutz, of North Carolina, was the first to sec- 
ond Mr. Bryan's nomination. He said : 

" Mr. Chairman and gentlemen of the convention — At 

the behest of the yeomen Democracy of the good old 

state of North Carolina, I second the nomination of the 

young giant of the West, that 

That friend of the peo- j^j^^^ ^j ^^^ people, that cham- 
pie, that champion of the , , , , , 

lowly, that apostle and P^^n of the lowly, that apostle 
prophet of this great cm- and prophet of this great crusade 
sade for financial reform for financial reform — William J. 
-William J. Bryan of B^yan of Nebraska. (Cheers.) 
Nebraska. (Cheers.) jje can poll every Democratic 

vote in every section of this great country, that any other 
candidate here named can do. And, more than that, he 
can poll more votes from persons of different affiliations, 
and do more to unite the friends of free silver than all of 
them put together. (Renewed applause and cheers.) Cyn- 
ics tell us that oratory is dead; that the admiration of di- 
vine virtues is lost to our people, but this splendid ovation 
that you gave to-day to William J. Bryan, the splendid 
tribute that you paid to his manhood, to his oratory, to his 
patriotism and to his sincerity, gives the lie to both of 
those observations. In the young prime of his great pow- 



MR. BRYAN NOMINATED. 7 1 

ers, known as a fearless tribune of the people, known for 
his advocacy of the cause of the lowly, known as the friend 
of free silver and as the champion of reform, eloquent as 
"If he is elected, as he ^^f ^^ Pf ^^.'^" f Webster or Lin- 
wiU be if nominated, he ^^^"' '^ ^^ '^ ^^^^t^^' ^^ ^^ will 
wiU be the President of be if nominated, he will be the 
all classes and of all sec- President of all classes and all 
tioiisofthisgreatcountry sections of this great country of 
** ^^^^' ours." (Renewed and prolonged 

applause and cheers.) 



** The proportion of home-owning farmers is decreasing, and 
that of tenant farmers is increasing-. This means but one thing; 
it means a land of landlords aud tenants, and, backed by the his- 
tory of every nation that has gone down, I say to you that no 
people can continue a free people under a free government when 
the great majority of its citizens are tenants of a small minority. 
Your system has driven the farm owner ft'oni his land and sub- 
stituted tlie farm tenant."— W. J. Bryan. 

Respect for the Supreme Court of the United States need not 
blind the fact that it has not always been consistent in its inter- 
pretation of the law; has not, indeed, failed to reverse its own 
decisions, not once or twice, but a dozen times. The Democratic 
plank in support of an income tax asserts no falsehood when it 
sets forth that the adverse decision of the court on that tax re- 
versed ^'decisionsof that court for nearly one hundred years, 
that court having in that decision sustained constitutional objec- 
tious to its enactment which had previously been overruled by 
the ablest judges that ever sat on that bench." Though, per- 
haps, the most unfortunate instance of its varying moods and 
tempers in construing the law, the income tax decision is not 
the most striking one recorded in the records of the Supreme 
Court. It would, indeed, be futile to hope that a tribunal con- 
stantly changing in its political complexion^ could maintain for 
a century, unbroken consistency in its adjudication of the 
reciprocal riglits of tlie States and the National Government— 
tlie issue which lies at the foundation of all the diflFerences which 
divide the two great parties from which its members are drawn, 
—Editorials, N. Y. Journal. 



THE DEnONETIZATION OF SILVER A 
VIOLATION OF THE CONSTITU= 
TIONAL CONTRACT WITH THE 
STATES. 

Jay Cooke was the sole financial agent of the govern- 
ment in negotiating the original 5-20 loan of $513,000,- 
000, the 10-40 loan of $200,000,000, the whole of the 7-30 
loan of $830,000,000 and others amounting to $2,000,- 
000,000, the most remarkable feat of financiering known 
to history. In a recent issue of the American Magazine 
of Civics y Mr. Cooke says : 

" I am fully convinced that prosperity and, in fact, the 
very salvation of the country, depends upon a return to 
bimetallism and free coinage. Let us examine this silver 

question: 

'' It was not until about 1876 that the full effect of the 
demonetizing act of 1873 was brought to the notice of the 
public, and not until some time afterward, when the nat- 
ural effect of this legislation began to be seen in the 
depreciation of silver and of all American products, that 
parties began to inquire more particularly into the matter. 
It was found that Congress had ignorantly so legislated, 
and the then President had ignorantly signed a bill most 
deadly and injurious to the welfare of all our people. 

" It was freely admitted that Congress had no intention, 
and that the president had no intention, of demonetizing 
silver, when this disastrous bill was passed and signed. 
It is hardly necessary at this late day to present proofs of 
this assertion, but they are abundant. Judge William D. 

72 



OPINION OF JAY COOKE. 73 

Kelley said, in the House of Representatives, on March 
I o, 1878: * I was chairman of the committee that reported 
the original bill, and aver, on my honor, that I did not 
know the fact that it proposed to drop the standard dollar, 
and did not learn that it had done it for eighteen months 
after the passage of the substitute offered by Mr. Hooper, 
when I disputed the fact.' 

" I have been told, and whether the story is true or 
false I cannot say, that this whole action was a conspiracy 
upon the part of some of our own officials, who had been 
spending some time in London, hobnobbing with the 
monometallists of that city, who came home fully com- 
mitted to this act of demonetization. 

" When the matter was brought before Congress it was 
passed over lightly and carelessly, and adopted without 
mquiry or examination. Thenceforward, the rights which 
the people had enjoyed under the Constitution were re- 
fused them, and the mints of this nation were violently 
closed against the free coinage of silver. I have always 
maintained that the contract between the States and the 
United States has been violated by this closing of the 
mints to free coinage of silver, and I believe that if the 
question can ever be brought before the Supreme Court, 
it would be decided that all acts authorizing the refusal 
of free coinage of silver, as well as gold, would be pro- 
nounced unconstitutional. 

" The act has worked infinite harm and damage to all 
the debtor classes, which are as fifty to one in this coun- 
try, compelling all who rely upon the products of their 
industry to discharge their indebtedness, to pay such debts 
contracted when silver and gold were both equal stand- 
ards of value at a time now when gold alone is recognized 
as the unit of value, and the basis of all value among the 
civilized nations of the world." 




Treasurer vVm. P. St. John. 



MADISON SQUARE GARDEN flEET- 
INQ, August 12, 1896. 

In the absence of Senator White, Chairman of the Na- 
tional Convention, Governor W. J. Stone of Missouri, at 
his request, made the notification address. 

Gov. Stone said in part : 

*' Mr Chairman : We are here this evening to give for- 
mal notice to the gentlemen nominated of their selection 
by the National Democratic Convention as candidates for 
President and Vice-President of the United States. 

'♦Mr. Chairman, the convention which assembled at 
Chicago on the 7th day of July last was convened in the 
usual way, under a call issued in due form, by the Na- 
tional Democratic Committee. There was nothing out of 
the ordinary in the manner of its assembling, and nothing 
in the action of the committee under whose authority it 
was convoked to distinguish it from its predecessors. It 
was in all respects a regular national convention of the 
Democratic party. Every state and territory in the 
Union, from Maine to Alaska, was represented by a full 

A more inteUigcnt and q^ota of delegates, and I may add 
thoroughly representa- with perfect truth that a more m- 
live body of Democrats telligent and thoroughly represen- 
was never assembled upon tative body of Democrats was nev- 
the American Continent. ^^. assembled upon the American 

continent. (Applause). 

" The convention was called for two purposes : First, 
to formulate a platform declaratory of party principles, 

75 



76 GOVERNOR stone's NOTIFICATION SPEECH. 

and, secondly, to nominate candidates for President and 
Vice-President of the United States. Both the purposes 
were fully accomplished, and accomplished according to 
the usages that have been recognized and the methods of 
procedure which have obtained in Democratic conventions 
for fifty years. The acts of the convention, therefore, 
were the acts of the Democratic party. Its work was 
done under the sovereign authority of the national organ- 
ization, and that work was the direct outgrowth of the 
calm, well-matured judgment of the people themselves, 
deliberately expressed through their representatives chosen 
from among the wisest, most trusted and patriotic of their 
fellow-citizens in all the States. (Cries, " That's so.") 

"I desire to say that although the tariff was made the 
issue of 1892, there were thousands of Democrats who 

. _ „ . „ then believed that a reform in 

A Reform in our Mone- ^ ^ , 

tary System is of far ^^^ monetary system was of far 
greater importance than greater importance than a reform 
a Reform in our Revenue in our revenue policy. I was 
Policy. among those who so believed. 

" Those holding to that belief did not in any degree un- 
derestimate the importance of the tariff issue — on the con- 
trary, its importance was fully appreciated — but they be- 
lieved nevertheless that the control of our fiscal affairs by 
a mercenary combination of Wall street bankers, domin- 
ated by foreign influences, was more perilous to national 
safety and more pernicious in its effect on national pros- 
perity than all the tariffs the miserly hand of gluttonous 
greed could write. (Cheers.) 

" However, we acquiesced in the decision of our party 
convention, accepted the issue as made, and as one man 
rallied with loyalty and alacrity to the standard of revenue 
reform. We rejoiced in Mr. Cleveland's election, and 
confidently expected, as we had a right to, that he would 



GOVERNOR STONE S NOTIFICATION SPEECH. // 

bring the tariff question to a speedy settlement, and strip 
monopoly of its opportunity to plunder the people. 

" But in this just expectation we were doomed to disap- 
pointment. Instead of devoting himself to a prompt and 
wise solution of the important issue upon which he was 
elected, he incontinently thrust it aside, and began, almost 
at the threshold of his administration, to exercise the great 
powers of his office to commit the country to a financial 
system inaugurated by the Republican party, and which 
the Democratic party had time and again condemned 
in both state and national conventions. 

The Republican Con- ''^he Republican convention 
vention declared for For- declared for foreign supremacy— 
eivin Supremacy— for for American subserviency. It 
American subserviency, upheld the British policy of a sin- 
gle gold standard, fraudulently fastened upon this coun- 
try, and declared that we are utterly incapable of main- 
taining an independent policy of our own. (Cries of 
"No.") 

" Confessing that the gold standard is fraught with evil 
to our people, and that bimetallism is best for this nation 
and for the world, it yet declared that we are helpless, 
that we must stand idle while our industries are prostrated 
and our people ruined, until England shall consent for us 
to lift our hands in our own defense. To this low state 
has Mammon brought the great party of the immortal 
Lincoln. 

"Upon the Republican party the hand of Marcus 
Aurelius Hanna has buckled a golden mail, and sent it 
forth dedicated to the service of plutocracy in this free 
land of ours. But in the Democratic party, thank God, 
the people were triumphant. There the clutch of the 
money power, after a tremendous conflict, was broken. 
(Applause.) 



78 GOVERNOR stone's NOTIFICATION SPEECH. 

" The priests of Mammon were scourged from the tem- 
ple, and to-day, under the providence of high heaven, the 
old party, rejuvenated, stands forth, stronger and better 
than ever, the undaunted champion of constitutional lib- 
erty, popular rights and national independence. (Cheers.) 

''The man who holds up to opprobrium such men as 
constituted the Chicago Convention, who denounces them 
as cranks, Anarchists, or Socialists, or who in any respect 
impugns their intelligence or patriotism, does himself 
most rank injustice if he be not a knave, a slanderer, or a 
fool. (Prolonged applause.) 

" That convention did indeed represent the masses of 
the people — the great industrial and producing masses of 

the people. It represented the 
It represented the men i , u ^ ^ ^ u^ 

who plough and plant, ^^^ ^^^^ P^^^^^ ^^^ P^^"^' ^^^ 
who fatten herds, who fatten herds, who toil m shops, 
toil in shops, who fell who fell forests, and who delve 
forests and who delve in [^ mines. 

"lines. ''They did not go to Wall 

street for their principles, nor over the sea for their in- 
spiration. Their principles were inherited from the 
fathers, and their inspiration sprang from an unconquer- 
able love of country and of home. (Applause.) 

" For a leader they chose one of their own, a plain man 
of the people. His whole life and life work identify him, 
in sympathy and interest, with those who represent the 
great industrial forces of the country. Among them he 
was born and reared, and has lived and wrought all the 
days of his life. To their cause he has devoted all the 
splendid powers with which God endowed him. He has 
been their constant and fearless champion. They know 
him and they trust him. (Loud cheering.) 

" Suave, yet firm; gentle, yet dauntless; warm-hearted, 
yet deliberate; confident and self-poised, but without 



GOVERNOR stone's NOTIFICATION SPEECH. 79 

vanity; learned in books and statecraft, but without pe- 
dantry or pretense; a superb orator, yet a man of the 
greatest caution and method; equipped with large experi- 
ence in public affairs, true to his convictions, true to him- 

Willlam J. Bryan is a ^^^^ ^"^ ^^^^e to no man, William 
model American gentle- J- Bryan is a model American gen- 
man, and a peerless leader tieman, and a peerless leader of the 
of the people. people. (Tremendous cheering.) 

" Mr. Bryan, I esteem it a great honor, as it is most 
certainly a pleasure, to be made the instrument of inform- 
ing you, as I now do, that you were nominated for the 
office of President of the United States by the Democratic 
National Convention, which assembled in Chicago in July 
last. I hand you this formal notice of your nomination, 
accompanied by a copy of the platform adopted by the 
convention, and upon that platform I have the honor to 
request your acceptance of the nomination tendered. 
(Applause.) 

" You are the candidate of the Democratic party, but 
you are more than that. You are the candidate of all the 
people, without regard to party, who believe in the pur- 
poses your election is intended to accomplish. (Cheers.) 

" May God's blessing attend you and His omnipotent 
hand crown you with success." 

The official written notification, prepared by Senator 
White and handed to Mr. Bryan by Gov. Stone, says 
among other things: 

" The National Democratic Convention, which convened 
in Chicago on July 7th, nominated you for the Presidency 
of the United States, and we, as members of the Notifica- 
tion Committee, appointed by that convention, are here to 
officially inform you of the action thus taken. While you 
are a Democrat and have, during your political career, 
been an ardent advocate of Democratic principles, you are 



8o GOVERNOR STONE S NOTIFICATION SPEECH. 

now the official head of an organization, comprising not 
only those who have hitherto been Democrats, but also in- 
cluding within its membership numerous other patriotic 
Americans who have abandoned their former partisan asso- 
ciations, finding in our platform and candidates a policy 
and leadership adequate to save the Republic from im- 
pending dangers. 

" We are convinced that victory awaits the people and 
their just cause, and assure you of the earnest support of 
an overwhelming majority of your fellow citizens." 

To Mr. Sewall, candidate for Vice-President, the official 
address of notification said: 

"You have proven your fealty to Democracy under 
most trying conditions. Residing in a community in- 
tensely Republican, with no hope of political preferment 
and asking no favors from an adverse dominant majority, 
you have loyally sustained your position and have never 
hesitated to profess the doctrines of a faithful Democratic. 
Upon the absorbing financial issue as presented by our 
convention, you have been sound when the hours of 
triumph seemed remote, and when arrogant money chan- 
gers throughout the world, boasted that the conquest of the 
American masses was complete." 



" I believe that the gold standard is made up of more misery 
for the human race than wars aud westileuces and famines, 
more misery than human mind can conceive or human tongue 
can teU, and I shall cry out against it as long as God gives 
me the voice to speak."— W. J. Bryan. 



THE FULL TEXT OF MR. BRYAN'S 
GREAT SPEECH 

At riadison Square Garden, August 12, 

1896 — A Calm, Logical and Forcible 

Presentation of the Democratic 

Argument. 

Mr. Bryan, in Accepting the Nomination for the 
Presidency, said : 

Mr. Chairman, Gentlemen of the Committee and Fel- 
low-Citizens : I shall, at a future day and in a formal 
letter accept the nomination which is now tendered by the 
Notification Committee, and I shall at that time touch 
upon the issues presented by the platform. It is fitting, 
however, that at this time, in the presence of those here 
assembled, I speak at some length in regard to the cam- 
paign upon which we are now entering. We do not under- 
estimate the forces arrayed against us, nor are we 
unmindful of the importance of the struggle in which we 

-o , . « are ensfaged; but relying: for suc- 

Relyingfor success upon s s » j s 

the righteousness of our ^ess upon the righteousness of 
cause, we shall defend our cause, we shall defend with 
with all possible vigor the all possible vigor the positions 
positions taken hj our taken by our party. We are not 
^* surprised that some of our oppo- 

nents in the absence of better argument, resort to abusive 
epithets, but they may rest assured that no language, how- 
ever violent, no invectives however vehement, will lead 

81 



82 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

US to depart a single hair's breadth from the course 
marked out by the National Convention. The citizen, 
either public or private, who assails the character and 
questions the patriotism of the delegates assembled in the 
Chicago convention, assails the character and questions 
the patriotism of the millions who have arrayed themselves 
under the banner there raised. 

It has been charged by men standing high in business 
and political circles that our platform is a menace to pri- 
vate security and public safety; and it has been asserted 
that those whom I have the honor, for the time being, to 
represent, not only meditate an attack upon the rights of 
property, but are the foes both of social order and national 
honor. 

Those who stand upon Those who stand upon the Chi- 
the Chicago platform are cago platform are prepared to 
prepared to make known make known and to defend every 
and to defend every mo- motive which influences them, 

tire which influences i • i . 

., every purpose which animates 

them, every purpose , , , , • , • 

which animates them, ^^em, and every hope which in- 
and every hope which spires them. 

inspires them. They understand the genius of 

our institutions, they are stanch supporters of the form of 
government under which we live, and they build their faith 
upon foundations laid by the fathers. 

Andrew Jackson has stated, with admirable clearness, 
and with an emphasis which cannot be surpassed, both the 
duty and the sphere of government. 

He said: '< Distinction in society will always exist under 
every just government. Equality of talents, of education 
or of wealth cannot be produced by human institutions. 
In the full enjoyment of the gifts of Heaven and the fruits 
of superior industry, economy and virtue, every man is 
equally entitled to protection by law." 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 83 

We yield to none in our devotion to the doctrine just 
enunciated. Our campaign has not for its object the re- 
construction of society. We cannot insure to the vicious 

We would not invade the fruits of a virtuous life ; we 
the home of the provident would not invade the home of the 
in order to supply the provident in order to supply the 
wants of the spendthrift ; *^ ^ . . -.^u -(^ a^ 

we do not propose ti ^^^^^ ^^ ^he spendthrift ; we do 
transfer the rewards of not propose to transfer the rewards 
industry to the lap of in- of industry to the lap of indolence. 
dolence. Property is and will remain the 

stimulus to endeavor and the compensation for toil. We 
believe, as asserted in the Declaration of Independence, 
that all men are created equal; but that does not mean 
that all men are or can be equal in possessions, in ability 
or in merit; it simply means that all shall stand equal be- 
fore the law, and that government officials shall not, in 
making, construing or enforcing the law, discriminate be- 
tween citizens. 

I assert that property rights, as well as the rights of 

persons, are safe in the hands of the common people. 

Abraham Lincoln, in his message sent to Congress in De- 

, . cember, 1861, said: "No men 

«No men I'"-? are ^^ j,^ ^^^^^^_ 

more worthy to be trusted " ^ , ., r 

than those who toil up ed than those who toil up from 
from poverty ; none less poverty ; none less inclined to 
inclined to take or touch ^^ke or touch aught which they 
aught which they have ^^^^ ^^^ honestly earned." I re- 
not honestly earned." . ,. , -^u ^^ 

peat his language with unquali- 
fied approval, and join with him in the warning which he 
added, namely : ''Let them beware of surrendering a po- 
litical power which they already possess, and which power 
if surrendered, will surely be used to close the doors of 
advancement against such as they, and to fix new disabil- 
ities and burdens upon them, till all of liberty shall be 



84 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

lost." Those who daily follow the injunction, *' In the 
sweat of thy face shall thou eat bread," are now, as they 
ever have been, the bulwark of law and order — the source 
of our nation's greatness in time of peace, and its surest 
defenders in time of war. (Continued applause.) 

But I have only read a part of Jackson's utterance— let 
me give you his conclusion : <* But when the laws under- 
take to add to those natural and just advantages artificial 
distinctions — to grant titles, gratuities and exclusive privi- 
leges — to make the rich richer and the potent more pow- 
erful — the humble members of society — the farmers, me- 
chanics and the day laborers — who have neither the time 
nor the means of securing like favors for themselves, have 
a right to complain of the injustice of their Government." 
Those who support the Chicago platform indorse all of the 
quotation from Jackson — the latter part as well as the 
former part. 

AVe are not surprised to find arrayed against us those 
who are the beneficiaries of government favoritism — they 
have read our platform. Nor are we surprised to learn 

We must in this cam- that we must in this campaign face 
paign face the hostility of the hostility of those who find a 
those who find a pecuni- pecuniary advantage in advocat- 
ary advantage in adYOcat- i^g the doctrine of non-interfer- 
ing the doctrine of non- ^^^^ ^^^^ aggregations of 
interference when great , '^ && & 
aggregations of wealth wealth are trespassmg upon the 
are trespassing upon the rights of individuals. We wel- 
rights of indiYiduals. come such opposition. It is the 
highest indorsement which could be bestowed upon us. 
We are content to have the co-operation of those who de- 
sire to have the Government administered without fear or 
favor. It is not the wish of the general public that trusts 
should spring into existence and override the weaker 
members of society; it is not the wish of the general pub- 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 8$ 

lie that these trusts should destroy competition and then 
collect such tax as they will from those who are at their 
mercy; nor is it the fault of the general public that the 
instrumentalities of government have been so often pros- 
tituted to purposes of private gain. (Applause.) 

Those who stand upon the Chicago platform believe 
The GoYernment should ^^^^ ^^e government should not 
not only avoid wrong- only avoid wrongdoing, but that 
doing, but it should also it should also prevent wrong- 
prevent wrongdoing. doing; and they believe that the 
law should be enforced alike against all enemies of the 
public weal. They do not excuse petit larceny, but they 
declare that grand larceny is equally a crime; they do not 
defend the occupation of the highwayman who robs the 
unsuspecting traveler, but they include among the trans- 
gressors those who, through the more polite and less haz- 
ardous means of legislation, appropriate to their own use 
the proceeds of the toil of others. 

The commandment, '' Thou shaltnot steal," thundered 
from Sinai, and reiterated in the legislation of all nations, 
is no respecter of persons. It must be applied to the 
great as well as the small ; to the strong as well as the 
weak; to the corporate person created by law, as well as 
to the person of flesh and blood created by the Almighty. 

V 4. . No government is worthy of the 

No government is ^ , . , . ^ 

worthy ofthe name which ^^^^ which is not able to protect 
is not able to protect from from every arm uplifted for his 
every arm uplifted for his injury the humblest citizen who 
injury the humblest citi- li^es beneath the flag. It follows 

zen who lives beneath the „ i • ^u ^ 

« as a necessary conclusion that 

vicious legislation must be rem- 
edied by the people who suffer from the effects of such 
legislation, and not by those who enjoy its benefits. 
The Chicago platform has been condemned by some, 



86 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

because it dissents from an opinion rendered by the su- 
preme court declaring the income tax law unconstitu- 
tional. Our critics even go so far as to apply the name 
Anarchist to those who stand upon that plank of the plat- 
form. It must be remembered that we expressly recog- 
nize the binding force of that decision so long as it stands 

Thereisinthe platform ^' ^ P^^^ ^^ ^^^ ^^^ ^^ ^^e land. 
no suggestion of an at- There is m the platform no sug- 
tempt to dispute the au- gestion of an attempt to dispute 
thority of the Supreme theauthority of the supreme court. 
^**^"' The party is simply pledged to use 

" all the constitutional power which remains after that deci- 
sion, or which may come from its reversal by the court as 
it may hereafter be constituted." 

Is there any disloyalty in that pledge ? For a hundred 
years the supreme court of the United States has sus- 
tained the principle which underlies the income tax. Some 
twenty years ago this same court sustained, without a dis- 
senting voice, an income-tax law almost identical with the 
one recently overthrown. Has not a future court as much 
right to return to the judicial precedents of a century as 
the present court had to depart from them ? When courts 
allow rehearings they admit that error is possible. The 
late decision against the income tax was rendered by a 
majority of one, after a rehearing. 

While the money question overshadows all other ques- 
tions in importance, I desire it distinctly understood that 
I shall offer no apology for the income-tax plank of the 
Chicago platform. The last income-tax law sought to ap- 
portion the burdens of government more equitably among 
those who enjoy the protection of the government. At 
present the expenses of the federal government, collected 
through internal revenue taxes and import duties, are 
especially burdensome upon the poorer classes of society. 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 8/ 

A law which collects from some citizens more than 
their share of the taxes and collects from other citizens 
less than their share, is simply an indirect means of 

A law which collects transferring one man's property 
from some citizens more to another man s pocket ; and, 
than their share of the while the process may be quite 
taxes and collects from satisfactory to the men who escape 
other citizens less than -^ taxation, it can never.be sat- 
their share, is simply an -^^^^^^^^ ^hose who are over- 
indirect means of trans- ^^^'^^^^ j 
ferring one man's prop- burdened. . 

erty to another man's The last income-tax law, with 
pocket. its exemption provisions, when 

considered in connection with other methods of taxa- 
tion in force, was not unjust to the possessors of large 
incomes, because they were not compelled to pay a total 
federal tax greater than their share. The income tax is 
not new, nor is it based upon hostility to the rich. The 
system is employed in several of the most important na- 
tions of Europe, and every income-tax law now upon the 
statute books in any land, so far as I have been able to 
ascertain, contains an exemption clause. While the col- 
lection of an income tax in other countries does not make 
it necessary for this nation to adopt the system, yet it 
ought to moderate the language of those who denounce 
the income tax as an assault upon the well-to-do. 

Not only shall I refuse to apologize for the advocacy of 
an income-tax law by the National Convention, but I shall 
also refuse to apologize for the exercise by it of the right 
to dissent from a decision of the supreme court. In a 

Eyerypnblic official is government like ours every public 
a public servant, whether official is a public servant, whether 
he holds office by election he holds office by election or by 
or by appointment. appointment, whether he serves 

for a term of years or during good behavior, and the people 



88 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

have a right to criticise his official acts. " Confidence is 
everywhere the parent of despotism; free government ex- 
ists in jealousy and not in confidence." These are the 
words of Thomas Jefferson, and I submit that they present 
a truer conception of popular government than that enter- 
tained by those who would prohibit an unfavorable com- 
ment upon a court decision. Truth will vindicate itself: 
only error fears free speech. No public official who con- 
scientiously discharges his duty as he sees it will desire to 
deny to those whom he serves the right to discuss his 
official conduct. 

Now let me ask you to consider the paramount question 
of this campaign — the money question. It is scarcely nec- 
essary to defend the principle of bimetallism. No national 

No National Party dur- Pf ^^ ^""''J f^ ^"^f history of 
ing the entire history of ^^^ ^^^^e^ States has ever de- 
the United States has clared against bimetallism, and no 
ever declared against Bi- party in this campaign has had the 
metallism. temerity to oppose it. Three par- 

ties — the Democratic, Populist and Silver parties — have 
not only declared for bimetallism, but have outlined the 
specific legislation necessary to restore silver to its ancient 
position by the side of gold. 

The Republican platform expressly declares that bimet- 
allism is desirable when it pledges the Republican party to 
aid in securing it as soon as the assistance of certain for- 
eign nations can be obtained. Those who represented the 
minority sentiment in the Chicago Convention opposed the 
free coinage of silver by the United States by independent 
action on the ground, that, in their judgment, it "would 
retard or entirely prevent the establishment of interna- 
tional bimetallism, to which the efforts of the government 
should be steadily directed." When they assert that the 
efforts of the government should be steadily directed 



MR. BRYAN S MADISON SQ. GARDEN SPEECH. 89 

toward the establishment of international bimetallism, they 
The Gold standard has condemned monometallism. The 
been weighed in the bal- gold standard had been weighed 
ance and found wanting, in the balance and found wanting. 
Take from it the powerful support of the money-owning 
and the money-changing classes and it cannot stand for 
one day in any nation in the world. It was fastened upon 
the United States without discussion before the people, and 
its friends have never yet been willing to risk a verdict be- 
fore the voters upon that issue. (Applause.) 

There can be no sympathy or co-operation between the 
advocates of a universal gold standard and the advocates 

n . -n- ^ 11. oi bimetallism. Between bimetal- 

Between Bimetallism— ,. , , . , 

whether independent or lism— whether mdependent or m- 
international — and the ternational— and the gold stand- 
Gold Standard there is an ard, there is an impassable gulf. 
impassable gulf. jg this quadrennial agitation in 

favor of international bimetallism conducted in good faith, 
or do our opponents really desire to maintain the gold 
standard permanently ? Are they willing to confess the 
superiority of a double standard when joined in by the 
leading nations of the world, or do they still insist that 
gold is the only metal suitable for standard money among 
civilized nations ? 

If they are in fact desirous of securing bimetallism, we 
may expect them to point out the evils of a gold standard 
and defend bimetallism as a system. If, on the other hand, 
they are bending their energies toward the permanent es- 
tablishment of a gold standard under cover of a declara- 
tion in favor of international bimetallism, I am justified 

^ „ A ^ in susfpfesting that honest money 

Honest Money canot be && & , , / 

expected at the hands of ^^^^^^ ^^ expected at the hands 

those who deal dishonestly oi those who deal dishonestly 

with the American people, with the American people. 



90 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

What is the test of honesty in money ? It must certainly 
be found in the purchasing power of the dollar. An abso- 
lutely honest dollar would not vary in its general purchasing 

, - „ , . , . power. It would be absolutely 

A dollar wlucli iiicreas- , , , , , 

es in purchasing power ^^able when measured by average 
is just as dishonest as a prices. A dollar which increases 
dollar which decreases in in purchasing power is just as dis- 
purchasing power, honest as a dollar which decreases 

in purchasing power. (Applause.) 

Prof. Laughlin, now of the University of Chicago, 
and one of the highest gold-standard authorities, in his 
work on bimetallism not only admits that gold does not 
remain absolutely stable in value, but expressly asserts 
** that there is no such thing as a standard of value for 
future payments, either in gold or silver, which remains 
absolutely invariable." He even suggests that a multiple 
standard, wherein the unit is '* based upon the selling 
prices of a number of articles of general consumption," 
would be a more just standard than either gold or silver, 
or both, because *' a long-time contract would thereby be 
paid at its maturity by the same purchasing power as was 
given in the beginning." 

It cannot be successfully claimed that monometallism or 
bimetallism, or any other system, gives an absolutely just 
standard of value. Under both monometallism and bimet- 
allism the government fixes the weight and fineness of the 
dollar, invests it with legal-tender qualities, and then opens 
the mints to its unrestricted coin- 
Bimetallism is better age, leaving the purchasing power 
than monometallism, be- of the dollar to be determined by 

cause it makes a nearer ., u r i n n- . i 

V ««.c;a ^j^g number of dollars. Bunetal- 

approach to stability, to ... , , 

honesty, to justice, than lism is better than monometallism, 
a gold standard possibly not because it gives us a perfect 
can, dollar — that is, a dollar absolutely 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 9^ 

unvarying in its general purchasing power, but because it 
makes a nearer approach to stability, to honesty, to just- 
ice, than a gold standard possibly can. 

Prior to 1873, when there were enough open mints to 
permit all the gold and silver available for coinage to find 
entrance into the world's volume of standard money, the 
United States might have maintained a gold standard with 
less injury to the people of this country ; but now, when 
each step toward a universal gold standard enhances the 
purchasing power of gold, depresses prices, and transfers to 
the pockets of the creditor class an unearned increment, the 
influence of this great nation must be thrown upon the side 
of gold unless we are prepared to accept the natural and 
legitimate consequences of such an act. Any legislation 
which lessens the world's stock of standard money in- 
creases the exchangeable value of the dollar ; therefore 
the crusade against silver must inevitably raise the pur- 
chasing power of money and lower the money value of all 
other forms of property. 

Our opponents sometimes admit that it was a mistake 
to demonetize silver, but insist that we should submit to 
present conditions rather than return to the bimetallic 
system They err in supposing that we have reached the 
end of the evil results of a gold standard ; we have not 
reached the end. The injury is a continuing one, and no 
person can say how long the world is to suffer from the 
attempt to make gold the only standard money. 

The same influences which are 
Solongasthescramble operating to destroy silver in 

Xrl^raXeSthe J^nited States wUJ if ^uc 
fall in prices is but an- cessful here, be turned against 
other definition of hard other silver-using countries, and 
times. each new convert to the gold 

standard will add to the general distress. So long as 



92 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

the scramble for gold continues prices must fall, and a 
general fall in prices is but another definition of hard 
times. 

Our opponents, while claiming entire disinterestedness 
for themselves, have appealed to the selfishness of nearly 
every class of society. Recognizing the disposition of 
the individual voter to consider the effect of any proposed 
legislation upon himself, we present to the American peo- 
ple the financial policy outlined in the Chicago platform, 
believing that it will result in the greatest good to the 
greatest number. 

The farmers are opposed to the gold standard because 
they have felt its effects. Since they sell at wholesale and 
buy at retail, they have lost more than they have gained 
by falling prices, and, besides this, they have found that 
certain fixed charges have not fallen at all. 

Taxes have not been perceptibly decreased, although it 
requires more of farm products now than formerly to secure 
the money with which to pay taxes. Debts have not fallen. 
The farmer who owed $i,ooo is still compelled to pay 
$i,ooo, although it may be twice as difficult as formerly to 
obtain the dollars with which to pay the debt. Railroad rates 
have not been reduced to keep pace with falling prices, and 
besides these items there are many more. The farmer has 
thus found it more and more difficult to live. Has he not a 
just complaint against the gold standard ? (Applause.) 

„, , The wagfe-earners have been in- 

The wage-earners haye . , , u . j j j 

been injured by a gold 3"^^^ ^y a gold standard, and 
standard, and have ex- have expressed themselves upon 
pressed themselves upon the subject with great emphasis. 
the subject with great In February, 1895, a petition ask- 
emphasis. -j^^ ^^^ ^j^^ immediate restoration 

of the free and unlimited coinage of gold and silver at 16 
to I was signed by the representatives of all, or nearly 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 93 

all, the leading labor organizations, and presented to 
Congress. 

Wage-earners know that while a gold standard raises the 
purchasing power of the dollar, it also makes it more diffi- 
cult to obtain possession of the dollar; they know that 
employment is less permanent, loss of work more prob- 
able, and re-employment less certain. A gold standard 
encourages the hoarding of money, because money is 
rising; it also discourages enterprise, and paralyzes in- 
dustry. 

On the other hand, the restoration of bimetallism will 
discourage hoarding, because, when prices are steady or 
rising, money cannot afford to lie idle in the bank vaults. 
The farmersand wage- ^he farmers and wage-earners to- 
earners together consti- gether constitute a considerable 
tute a considerable ma- majority of the people of the 
jority of the people of the country . 

country. ^j^y should their interests be 

ignored in considering financial legislation ? A monetary 
system which is pecuniarily advantageous to a few syndi- 
cates has far less to commend it than a system which 
would give hope and encouragement to those who create 
the nation's wealth. 

Our opponents have made a special appeal to those who 
hold fire and life insurance policies, but these policy 
holders know that, since the total premiums received ex- 
ceed the total losses paid, a rising standard must be of 
more benefit to the companies than to the policy holders. 
Much solicitude has been expressed by our opponents 
for the depositors in savings banks. They constantly 
parade before these depositors the advantages of a gold 
standard, but these appeals will be in vain, because sav- 
ings bank depositors know that under a gold standard 
there is increasing danger that they will lose their deposits 



94 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

because of the inability of the banks to collect their as- 
sets; and they still further know that, if the gold standard 
is to continue indefinitely, they may be compelled to with- 
draw their deposits in order to pay living expenses. 

It is only necessary to note the increasing number of 
failures in order to know that a gold standard is ruinous 
to merchants and manufacturers. These business men 

_ . , , do not make their profits from the 

Business men do not , ^ ^ ^-u u 

make their profits from P^^P^^ ^^^"^ ^^^"^ ^^^^ ^^^^^^ 
the people from whom money, but from the people to 
they borrow money, but whom they sell their goods. If 
from the people to whom the people cannot buy, retailers 
they seU their goods. ^^^^^^ ^^jj^ ^„^ ^^ retailers cannot 

sell, wholesale merchants and manufacturers must go into 
bankruptcy. 

Those who hold, as a permanent investment, the stock 
of railroads and of other enterprises — I do not include 
those who speculate in stocks, or use stock holdings as a 
means of obtaining an inside advantage in construction 
contracts — are injured by a gold standard. The rising 
dollar destroys the earning power of these enterprises 
without reducing their liabilities, and, as dividends, can- 
not be paid until salaries and fixed charges have been sat- 
isfied, the stockholders must bear the burden of hard 
times. 

Salaries in business occupations depend upon business 
conditions, and the gold standard both lessens the amount 
and threatens the permanency of such salaries. 

Official salaries, except the salaries of those who hold 
office for life, must, in the long run, be adjusted to the 
conditions of those who pay the taxes, and if the present 
financial policy continues, we must expect the contest 
between the taxpayer and the taxeater to increase in bitter- 
ness. (Applause.) 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 95 

The professional classes— in the main— derive their 
support from the producing classes, and can only enjoy 
The professional class- prosperity when there is prosperity 
es— in the main— derive among those who create wealth. 
their support from the i have not attempted to de- 
producing classes, and ^^^-^^^ ^^le effect of the gold stand- 
can only enjoy prosperity classes-in fact, I 
when there is prosperity ^ , , . ,. 
among those who create have only had time to mention a 
wealth. few — but each person will be able 
to apply the principles stated to his own occupation. 

It must also be remembered that it is the desire of peo- 
ple generally to convert their earnings into real or per- 
sonal property. This being true, in considering any tem- 
porary advantage which may come from a system under 
which the dollar rises in its purchasing power, it must not 
be forgotten that the dollar cannot buy more than for- 
merly, unless property sells for less than formerly. Hence, 
it will be seen that a large portion of those who may find 
some pecuniary advantage in a gold standard, will dis- 
cover that their losses exceed their gains. 

It is sometimes asserted by our opponents that a bank 
belongs to the debtor class, but this is not true of any 
solvent bank. Every statement published by a solvent 
bank shows that the assets exceed the liabilities. 

That is to say, while the bank owes a large amount of 
money to its depositors, it not only has enough on hand 
in money and notes to pay its depositors, but, in addition 
thereto, has enough to cover its capital and surplus. When 
the dollar is rising in value slowly, a bank may, by making 
short-time loans and taking good security, avoid loss; but 
when prices are falling rapidly, the bank is apt to lose 
more, because of bad debts, than it can gain by the in- 
crease in the purchasing power of its capital and surplus. 

It must be admitted, however, that some bankers com- 



pO MR. BRYAN S MADISON SQ. GARDEN SPEECH. 

bine the business of a bond broker with the ordinary bank- 
ing business, and these may make enough in the nego- 
tiation of loans to offset the losses arising in legitimate 
banking business. As long as human nature remains as 
it is there will always be danger that, unless restrained by 

_,, , public opinion or lesfal enactment, 

Those who see a pecun- ^ ^ ^ * . 

iary profit for themselYCS those who see a pecuniary profit 
in a certain condition may for themselves in a certain condi- 
yield to the temptation to tion, may yield to the temptation 
bring about that condi- ^q bj-j^g about that condition. 
**^"' Jefferson has stated that one 

of the main duties of government is to prevent men from 
injuring one another, and never was that duty more im- 
portant than it is to-day. (Applause.) 

It is not strange that those who have made a profit by 
furnishing gold to the government in the hour of its ex- 
tremity favor a financial policy which will keep the gov- 
ernment dependent upon them. 

I believe, however, that I speak the sentiment of the 

vast majority of the people of the 

AwiseanancialpoUcy United States when I say that a 
administered in behalf of ■ ^ ■ • ■, 

aU the people would make wise financial policy administered 
ourCroyernmentindepen- in behalf of all the people would 
dent of any combination make our government independ- 
of financiers, foreign or ^^^ ^f ^ny combination of finan- 
domestic. ^^^^^^ foreign or domestic. (Ap- 

plause.) 

Let me say a word, now, in regard to certain persons 
who are pecuniarily benefited by a gold standard, and 
who favor it, not from a desire to trespass upon the rights 
of others, but because the circumstances which surround 
them blind them to the effect of the gold standard upon 
others. I shall ask you to consider the language of two 
gentlemen whose long public service and "high standing in 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 9/ 

the party to which they belong will protect them from ad- 
verse criticism by our opponents. 

T -io/>n o * cju In 1869 Senator Sherman said : 

In 1869 Senator Sher- ^, • ^ , 

man said: ''Thecontrac- " ^he contraction of the currency 
tionof the currency is a is a far more distressing operation 
far more distressing op- than Senators suppose. Our own 
eration ^than Senators ^nd other nations have gone 
suppose. through that operation before. 

It is not possible to take that voyage without the sorest 
distress. 

'' To every person, except a capitalist out of debt, or a 
salaried officer or annuitant, it is a period of loss, danger, 
lassitude of trade, fall of wages, suspension of enterprise, 
bankruptcy and disaster. 

" It means ruin to all dealers whose debts are twice 
their business capital, though one-third less than their ac- 
tual property. It means the fall of all agricultural pro- 
duction without any great reduction of taxes. 

'* What prudent man would dare to build a house, a 
railroad, a factory or a barn with this certain fact before 
him ? " As I have said before, the salaried officer re- 
ferred to must be the man whose salary is fixed for life, 
and not the man whose salary depends upon business 
conditions. 

When Mr. Sherman describes contraction of the cur- 
rency as disastrous to all the people except the capitalist 
out of debt and those who stand in a position similar to 
his, he is stating a truth which must be apparent to every 
person who will give the matter careful consideration. 
Mr. Sherman was at that time speaking of the contraction 
of the volume of paper currency, but the principle which 
he set forth applies if there is a contraction of the volume 
of the standard money of the world. 

Mr. Blaine discussed the same principle in connection 



98 MR. BRYAN'S MADISO»N SQ. GARDEN SPEECH. 

with the demonetization of silver. Speaking in the House 

Mr. Blaine said: <'i of Representatives on the 7th day 
believe the struggle now oi February, 1878, he said: "I 
going on in this country believe the struggle now going on 
and other countries for i^ this country and other coun- 
a single gold standard , • r • 1 ij . j j 

wouldfif successful, pro- '''^' ^^^ ^ ^^"^^^ ^^^^ ''^""^^'^ 
duce widespread disaster would, if successful, produce wide- 
in and throughout the spread disaster in and throughout 
commercial world." the commercial world. 

'' The destruction of silver as money and the establish- 
ment of gold as the sole unit of value must have a ruin- 
ous effect on all forms of property, except those invested 
which yield a fixed return in money. These would be 
enormously enhanced in value; and would gain a dispro- 
portionate and unfair advantage over every other species 
of property." 

Is it strange that the '' holders of investments which 
yield a fixed return in money" can regard the destruction 
of silver with complacency ? 

May we not expect the holders of other forms of prop- 
erty to protest against giving to money a " disproportionate 
and unfair advantage over every other species of property? " 

If the relatively few whose wealth consists largely in 
fixed investments have a right to use the ballot to enhance 
the value of their investments, have not the rest of the 
people the right to use the ballot to protect themselves 
from the disastrous consequences of a rising standard? 

The people who must purchase money with the products 
of toil, stand in a position entirely different from the posi- 
tion of those who own money or receive a fixed income. 

The well being of the The well being of the nation — 
nation-aye, of civiliza- aye, of civilization itself— depends 
tion itself— depends upon ,, .^ ,,, 

the prosperity of the "P^»^ ^^^ P^^^P^^^^>^ ^^ ^^^ "^^^^^^• 
masses. What shall it profit us to have a 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 99 

dollar which grows more valuable every day if such a dol- 
lar lowers the standard of civilization and brings distress 
to the people ? What shall it profit us if, in trying to raise 
our credit by increasing the purchasing power of our 
dollar, we destroy our ability to pay the debts already 
contracted by lowering the purchasing power of the pro- 
ducts with which those debts must be paid ? 

If it is asserted, as it constantly is asserted, that the 
gold standard will enable us to borrow more money from 

The restoration of bi- ^^^^^^^ ^ ^^^P^^ ^^^^ ^^^ ^^'^°^^- 
metallism will restore the tion of bimetallism will restore the 
proper ratio between proper ratio between money and 
money and property, and property, and thus permit an era 
thus permit an era of ^^ ^^ j^i^l^ ^^^11 ^n^^^^le the 

prosperity which will en- ^ ^ . 1 . , , 

able the American people American people to become loan- 
to become loaners of men- ers mstead of perpetual borrowers. 
ey instead of perpetual Even if we desire to borrow, how 
borrowers, long can we continue borrowing 

under a system which, by lowering the value of property, 
weakens the foundation upon which credit rests ? 

Even the holders of fixed investments, though they gain 
an advantage from the appreciation of the dollar, cer- 
tainly see the injustice of the legislation which gives them 
this advantage over those whose incomes depend upon the 
value of property and products. 

If the holders of fixed investments will not listen to ar- 
guments based upon justice and equity, I appeal to them 
to consider the interests of posterity. We do not live for 
ourselves alone. Our labor, our self-denial and our anx- 
ious care — all these are for those who are to come after 
us as much as for ourselves, but we cannot protect our 
children beyond the period of our lives. Let those who 
are now reaping advantage from a vicious financial system 
remember that in the years to come their own children 



lOO MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

and their children's children may, through the operation 
of this same system, be made to pay tribute to the de- 
scendants of those who are being wronged to-day. (Ap- 
plause.) 

As against the maintenance of a gold standard, either 
permanently or until other nations can be united for its 
overthrow, the Chicago platform presents a clear and em- 
phatic demand for the immediate restoration of the free 
and unlimited coinage of silver and gold at the present 
legal ratio of i6 to i, without waiting for the aid or consent 
of any other nation. 

„, X 1 . .1 . We are not asking that a new 

We are not asking that a , . , 

new experiment be tried; experiment be tried ; we are insist- 
we are insisting upon a ing upon a return to a financial 
return to a financial policy policy approved by the experience 
approved by the experi- ^f history and supported by all the 
ence of history, prominent statesmen of our nation 

from the days of the first President down to 1873. 

When we ask that our mints be opened to the free and 
unlimited coinage of silver into full legal-tender money, 
we are simply asking that the same mint privileges be ac- 
corded to silver that are now accorded to gold. 

When we ask that this coinage be at the rate of 16 to i 
we simply ask that our gold coins and the standard silver 
dollar — which, be it remembered, contains the same 
amount of pure silver as the first silver dollar coined at 
our mints — retain their present weight and fineness. 

The theoretical advantage of the bimetallic system is 
best stated by a European writer on political economy, 
who suggests the following illustration: A river fed from 

two sources is more uniform in 

A river fed from two ^^^^^^ ^^^^^ ^ ^-^^^ ^^^ ^^^^ ^^^ 

sources is more uni- , , • .1 ^ 

form in volume than a source-the reason being that 

river fed from one source, when one of the feeders is swollen 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. lOI 

the other may be low; whereas, a river which has but one 
feeder must rise or fall with that feeder. 

So in the case of bimetallism; the volume of metallic 
money receives contributions from both the gold mine^ 
and the silver mines, and, therefore, varies less; and the 
dollar resting upon two metals, is less changeable in its pur- 
chasing power than the dollar which rests on one metal only. 

If there are two kinds of money the option must rest 
either with the debtor or with the creditor. Assuming 
that their rights are equal, we must look at the interests 
of society in general in order to determine to which side the 
option should be given. 

Under the bimetallic system gold and silver are linked 
together by law at a fixed ratio, and any person or persons 
owning any quantity of either metal can have the same con- 
verted into full legal-tender money. 

If the creditor has the right to choose the metal in which 
payment shall be made, it is reasonable to suppose that he 
will require the debtor to pay in the dearer metal if there 
is any perceptible difference between the bullion values of 
the metals. This new demand created for the dearer metal 
will make that metal dearer still,while the decreased demand 
for the cheaper metal will make that metal cheaper still. 

If, on the other hand, the debtor exercises the option, 
it is reasonable to suppose that he will pay in the cheaper 
metal if one metal is perceptibly cheaper than the other; 
but the demand thus created for the cheaper metal will 
raise its price, while the lessened demand for the dearer 
metal will lower its price. 

In other words, when the creditor has the option, the 
the metals are drawn apart; whereas, when the debtor has 
the option the metals are held together approximately at 
the ratio fixed by law; provided the demand created is suf- 
ficient to absorb all of both metals presented at the mint. 



I02 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

Society is therefore interested in having the option ex- 
There can be no such ^^""'^^^ ^Y ^^^ ^^^tor. Indeed, 
thing as real bimetallism there can be no such thing as 
unless the option is exer- real bimetallism unless the option 
cised by the debtor. ig exercised by the debtor. 

The exercise of the option by the debtor compels the 
creditor classes whether domestic or foreign, to exert 
themselves to maintain the parity between gold and silver 
at the legal ratio, whereas they might find a profit in driv- 
ing one of the metals to a premium if they could then de- 
mand the dearer metal. 

The right of the debtor to choose the coin in which pay- 
ment shall be made extends to obligations due from the 
government as well as to contracts between individuals. 

A Government obliga- ^ government obligation is sim- 
tion is simply a debt due ply a debt due from all the people 
from all the people to one to one of the people, and it is im- 
of the people. possible to justify a policy which 

makes the interests of the one person who holds the obli- 
gation superior to the rights of the many who must be 
taxed to pay it. When, prior to 1873, silver was at a pre- 
mium, it was never contended that national honor required 
the payment of government obligations in silver, and the 
Matthews resolution, adopted by Congresss in 1878, ex- 
pressly asserted the right of the United States to redeem 
coin obligations in standard silver dollars as well as in gold 

^^We are opposed to the ^' ,. 1 • . ^u /-u- 
policyandpracticeofsur- Upon this subject the Chicago 

rendering to the holders platform reads: ^'We areop- 

of the obligations of the posed to the policy and practice 

United States the options of surrendering to the holders 

reserved by law to the ^^ ^^^ obligations of the United 

Government of redeeming ^ , ^ . , , 

such obligations in eidicr States the options reserved by 

sUver coin or gold coin." law to the government of re- 



MR. BRYAN S MADISON SQ. GARDEN SPEECH. 103 

deeming such obligations in either silver coin or gold coin. 
It is constantly assumed by some that the United States 
notes, commonly called greenbacks, and the Treasury 
notes, issued under the act of 1890, are responsible for 
the recent drain upon the gold reserve, but this assump- 
tion is entirely without foundation. Secretary Carlisle ap- 
peared before the house committee on appropriations on 
Jan. 21, 1895, and I quote from the printed report of his 
testimony before the committee: 

" Mr. Sibley — I would like to ask you (perhaps not en- 
tirely connected with the matter under discussion) what 
objection could there be to having the option of redeem- 
ing either in silver or gold lie with the Treasury, instead 
of the note holder ? " 

" Secretary Carlisle — If that policy had been adopted at 
the beginning of resumption — and I am not saying this 
for the purpose of criticising the action of any of my pre- 
decessors, or anybody else — but if the policy of reserving 
If the policy of reserv- ^^ ^^^ government, at the begin- 
ing to the Government, at ning of resumption, the option of 
the beginning of resump- redeeming in gold or silver all its 
tion, the option of redeem- paper presented, I believe it 
ing in gold or silver all its ^^^^^,^ ^^^^ ^^^^^^^ beneficially, 
paper presented. I be- , , , , , _ ^ 

lieve it would have worked ''^"d there would have been no 
beneficially, and there trouble growing out of it, but the 
would have been no Secretaries of the Treasury from 
trouble growing out of it. the beginning of resumption have 
pursued a policy of redeeming in gold or silver, at the op- 
tion of the holder of the paper, and if any Secretary had 
afterwards attempted to change that policy, and force 
silver upon a man who wanted gold, or gold upon a man 
who wanted silver, and especially if he had made that at- 
tempt at such a critical period as we have had in the last two 
years, my judgment is it would have been very disastrous." 



104 MR. BRYAN*S MADISON SQ. GARDEN SPEECH. 

I do not agree with the Secretary that it was wise to 
follow a bad precedent, but from his answer it will be seen 
that the fault does not lie with the greenbacks and treas- 
ury notes , but rather with the executive officers who have 
seen fit to surrender a right which should have been exer- 
cised for the protection of the interests of the people. 

This executive action has already been made the ex- 
cuse for the issue of more than $250,000,000 in bonds. 
It is impossible to es- ^"^ '^ '^ impossible to estimate 
timate the amount of the amount of bonds which may 
bonds which may here- hereafter be issued if this policy is 
after be issued if this continued. We are told that any 
policy is continued. ^^^^^^^ ^^^^ ^^^ ^^^^ ^^ ^^^ ^^^_ 

ernment at this time to redeem its obligations in silver 
would put a premium on gold, but why should it ? 

The bank of France exercises the right to redeem all 
bank paper in either gold or silver, and yet France main- 
tains the parity between gold and silver at the ratio of 
15^ to I, and retains in circulation more silver per capita 
than we do in the United States. (Applause.) 

It may be further answered that our opponents have 
suggested no feasible plan for avoiding the dangers which 
they fear. The retirement of the greenbacks and treas- 
ury notes would not protect the Treasury, because the 
same policy which now leads the Secretary of the Treasury 
to redeem all government paper in gold, when gold is de- 
manded, will require the redemption of all silver dollars 
and silver certificates in gold if the greenbacks and treas- 
ury notes are withdrawn from circulation. 

More than this, if the government should retire its 
paper, and throw upon the banks the necessity of furnish- 
ing coin redemption, the banks would exercise the right 
to furnish either gold or silver. 

In other words, they would exercise the option, just as 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 105 

the government ought to exercise it now. The govern- 

The Government must "^^"^ ^"^^ ^'^^^' ^""^'^''^ ^^e 
either exercise the right right to redeem its obhgations m 
to redeem its obligations silver when silver is more con- 
in sUver when silver is venient, or it must retire all the 
more convenient, or it silver and silver certificates from, 
must retire all the silver . , . , , 11. 

and silver certificates circulation, and leave nothing but 
from circulation and leave gold as legal-tender money. 
nothing but gold as legal- Are our opponents willing to 
tender money. outline a financial system which 

will carry out their policy to its legitimate conclusion, or 
will they continue to cloak their designs in ambiguous 
phrases ? 

There is an actual necessity for bimetallism, as well as 
a theoretical defense of it. During the last twenty-three 
years legislation has been creating an additional demand 
for gold, and this law-created demand has resulted in in- 
creasing the purchasing power of every ounce of gold. 
The restoration of bimetallism in the United States will 
take away from gold just so much of its purchasing power 
as was added to it by the demonetization of silver by the 
United States. The silver dollar is now held up to the 
gold dollar by legal tender laws, and not by redemption 
in gold, because the standard silver dollars are not now 
redeemable in gold either in law or by administrative 
policy. 

„ , , . „ We contend that free and un- 

We contend that free ,. . , u ^u tt -^ ^ 

and unlimited coinage by 1^^^^^^^ ^°^"^g^ ^^ ^^^ ^"^^^^ 
the United States alone States alone will raise the bullion 
will raise the bullion value value of silver to its coinage 
of silver to its coinage value, and thus make silver bul- 
value, and thus make sil- j.^^ ^^^.^^ ^^ ^^^^^^ -^ ^^^ 

ver bullion worth $1.29 , , 7 .1 1, /t ^ 

perounce in gold through- throughout the world. (Loud 
out the world. applause.) 



Io6 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

This proposition is in keeping with natural laws, not in 
defiance of them. The most clearly established law of 
commerce is the law of supply and demand. We recog- 
nize this law, and build our argument upon it. We apply 
this law to money when we say that a reduction in the 
volume of money will raise the purchasing power of the 
dollar; we also apply the law of supply and demand to 
silver when we say that a new demand for silver, created 
by law, will raise the price of silver bullion. Gold and 
silver are different from other commodities, in that they 
are limited in quantity. 

Corn, wheat, manufactured products, etc., can be pro- 
duced almost without limit, provided that they can be sold 
at a price sufficient to stimulate production, but gold and 
silver are called precious metals, because they are found, 
not produced. These metals have been the objects of 
anxious search as far back as history runs, yet, accord- 
ing to Mr. Harvey's calculation, all the gold coin in the 
world can be melted into a 22-foot cube, and all the silver 
coin in the world into a 66-foot cube. 

Because gold and silver are limited, both in the quan- 
tity now on hand and in annual production, it follows that 
legislation can fix the ratio between them. Any pur- 
chaser who stands ready to take the entire supply of any 
given article at a certain price can prevent that article from 
falling below that price. So the government can fix the 
price for gold and silver by creatmg a demand greater 
than the supply. 

International bimetallists believe that several nations, 
by entering into an agreement to coin at a fixed ratio all 
the gold and silver presented, can maintain the bullion 
value of the metals at the mint ratio. When a mint price 
is thus established, it regulates the bullion price, because 
any person desiring coin may have the bullion converted 



I 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. lO/ 

into coin at that price, and any person desiring bullion can 
secure it by melting the coin. 

The only question upon which international bimetallists 
and independent bimetallists differ is: Can the United 
Can the United States ^^^^^^ ^Y ^^e free and unlimited 
by the free and unlimited coinage of silver at the present 
coinage of silver at the legal ratio create a demand for 
present legal ratio create silver which, taken in connection 
a demand for silver which, -^u ^.u ^ ^ ^ j • 

teken in connection with ^^'^ '^^ ^""^^"^ already m exist- 
the demand already in ex- ence, will be sufficient to utilize 
istence, will be sufficient all the silver that will be presented 
to utilize all the silver that at the mints ? 
will be presented at the They agree in their defense of 
the bimetallic principle, and they 
agree in unalterable opposition to the gold standard. In- 
ternational bimetallists cannot complain that free coinage 
gives a benefit to the mine-owner, because international 
bimetallism gives to the owner of silver all the advantages 
offered by independent bimetallism at the same ratio. In- 
ternational bimetallists cannot accuse the advocates of free 
silver of being " bullion owners who desire to raise the 
value of their bullion," or " debtors who desire to pay their 
debts in cheap dollars," or ''demagogues who desire to 
curry favor with the people." They must rest their oppo- 
sition upon one ground only, namely: That the supply of 
silver available for coinage is too large to be utilized by 
the United States. 

In discussing this question we must consider the capac- 
ity of our people to use silver and the quantity of silver 
^ , which can come to our mints. It 

a„?T:r r JTf ™-' ^^ — ^-'> "^- we ..ve 
people in the world in ^^ ^ country only partially devel- 
their power to consume oped, and that our people far sur- 
and produce. pass any equal number of people 



Io8 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

in the world in their power to consume and produce. Our 
extensive railroad development and enormous internal 
commerce must also be taken into consideration. 

Now, how much silver can come here ? Not the coined 
silver of the world, because almost all of it is more valu- 
able at this time in other lands than it will be at our mints 
under free coinage. 

If our mints are opened to free and unlimited coinage 
at the present ratio, merchandise silver cannot come here, 
because the labor applied to it has made it worth more in 
the form of merchandise than it will be worth at our mints. 

We cannnot even expect all of the annual product of 
silver, because India, China, Japan, Mexico, and all the 
other silver-producing countries must satisfy their annual 
needs from the annual product ; the arts will require a 
large amount, and the gold-standard countries will need a 
considerable quantity for subsidiary coinage. 

We will be required to coin only that which is not 
needed elsewhere ; but if we stand ready to take and util- 
ize all of it, other nations will be compelled to buy at the 
price which we fix. (Loud applause.) 

Many fear that the opening of our mints will be followed 
by an enormous increase in the annual production of silver. 

c,., , , , This is conjecture. Silver has 

Silyer has been used as , , ■* ^ , 

money for thousands of ^een used as money for thousands 
years, and during all of of years, and during all of that 
that time the world has time the world has never suf- 
never suffered from an fgred from an over - production. 
over-production. j^^ ^^^ ^^^ ^^^^^^^ ^^^ ^^^pp^^ ^^ 

gold or silver in the future ever exceeds the requirements 
of the arts and the needs of commerce, we confidently 
hope that the intelligence of the people will be sufficient 
to devise and enact any legislation necessary for the pro- 
tection of the public. 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 109 

It is folly to refuse to the people the money which they 
now need, for fear they may hereafter have more than they 
need. I am firmly convinced that by opening our mints 
to free and unlimited coinage at the present ratio we can 
create a demand for silver which will keep the price of 
silver bullion at $1.29 per ounce, measured by gold. 

Some of our opponents attribute the fall in the value of 
silver, when measured by gold, to the fact that during the 
last quarter of a century the world's supply of silver has 
increased more rapidly than the world's supply of gold. 

This argument is entirely answered by the fact that, 
During the last five during the last five years the an- 
years, the annual produc- nual production of gold has in- 
tion of gold has increased creased more rapidly than the 
more rapidly than the an- ^^nual production of s i 1 v e r . 
nual production of silver, c- .u u ^ m 

Smce the gold price of silver has 

fallen more during the last five years than it ever fell in 
any previous five years in the history of the world, it is 
evident that the fall is not due to increased production. 

Pricescanbeloweredas Pnces can be lowered as effectu- 
eflfectuaUy by decreasing ^^^Y ^Y decreasing the demand 
the demand for an article for an article as by increasing the 
as by increasing the sup- supply of it, and it seems certain 
P^y**^'*' that the fall in the gold price of 

silver is due to hostile legislation and not to natural laws. 

Our opponents cannot ignore the fact that gold is now 
going abroad in spite of all legislation intended to prevent 
it, and no silver is being coined to take its place. Not 
only is gold going abroad now, but it must continue to go 
abroad as long as the present financial policy is adhered 
to, unless we continue to borrow from across the ocean, 
and even then we simply postpone the evil, because the 
amount borrowed, together with interest upon it, must be 
paid in appreciating dollars. 



I lO MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

The American people now owe a large sum to European 

creditors, and falling prices have left a larger and larger 

_,. . , margin between our net national 

There is only one way . ^ 

tostopincreasingtheflow ^"^^^^^ ^"^ ^^^ ^"""^^ mterest 
of gold from our shores, charge. There is only one way to 
and that is to stop falling stop increasing the flow of gold 
prices. from our shores, and that is to 

stop falling prices. (Applause.) 

The restoration of bimetallism will not only stop falling 
prices, but will — to some extent — restore prices by reduc- 
ing the world's demand for gold. 

If it is argued that a rise in prices lessens the value of 
the dollars which we pay to our creditors, I reply that, in 
the balancing of equities, the American people have as 
much right to favor a financial system which will main- 
tain or restore prices as foreign creditors have to insist 
upon a financial system that will reduce prices. 

But the interests of society are far superior to the in- 
terests of either debtors or creditors, and the interests of 
society demand a financial system which will add to the 
volume of the standard money of the world, and thus re- 
store stability to prices. 

Perhaps the most persistent misrepresentation that we 
have to meet is the charge that we are advocating the pay- 
ment of debts in fifty-cent dollars. At the present time, 
and under present laws, a silver dollar, when melted, loses 
nearly half its value, but that will not be true when we 

-, , ,. . „. ., again establish a "mint price for 
Under bimetallism sil- ., , , - f -, 

ver bullion will be worth ^^^^er, and leave no surplus silver 
as much as silver coin, upon the market to drag down 
just as gold bullion is now the price of bullion. 
worth as much as gold Under bimetallism silver bullion 
will be worth as much as silver 
coin, just as gold bullion is now worth as much as gold 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 1 1 1 

coin, and we believe that a silver dollar will be worth as 
much as a gold dollar. 

The charge of repudiation comes with poor grace from 
those who are seeking to add to the weight of existing 
debts by legislation, which makes money dearer, and who 
conceal their designs against the general welfare under 
the euphonious pretense that they are upholding public 
credit and national honor. 

In answer to the charge that gold will go abroad, it 

„ ., , ... must be remembered that no gold 

No gold can leave this , , . .,* , 

country imta the owner of can leave this country until the 

the gold receives some- owner of the gold receives some- 
thing in return for it thing in return for it which he 
which he would rather ^^^^1^ ^-ather have. In other 

have 

words, when gold leaves the coun- 
try those who formerly owned it will be benefited. 

There is no process by which we can be compelled to 
part with our gold against our will, nor is there any process 
by which silver can be forced upon us without our consent. 
Exchanges are matters of agreement, and if silver comes 
to this country under free coinage it will be at the invita- 
tion of someone in this country who will give something in 
exchange for it. (Applause.) 

Those who deny the ability of the United States to 
maintain the parity between gold and silver at the present 
legal ratio without foreign aid, point to Mexico and assert 
that the opening of our mints will reduce us to a silver 
basis and raise gold to a premium. 

It is no reflection upon our sister republic to remind 
our people that the United States is much greater than 
Mexico in area, in population and in commercial strength. 

It is absurd to assert that the United States is not able 
to do anything which Mexico has failed to accomplish. 
The one thing necessary in order to maintain the parity is 



112 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

to furnish a demand great enough to utilize all the silver 
which will come to the mints. That Mexico has failed to 
do this is not proof that the United States would also fail. 
(Applause.) 

It is also urged that since a number of the nations have 
demonetized silver, nothing can be done until all of those 
nations restore bimetallism. This is also illogical. It is 
immaterial how many or how few nations have open' mints, 
provided there are sufficient open mints to furnish a mone- 
tary demand for all the gold and silver available for coinage. 

In reply to the argument that improved machinery has 
lessened the cost of producing silver, it is sufficient to say 
that the same is true of the production of gold, and yet, 
notwithstanding that gold has risen in value. As a matter 
of fact, the cost of production does not determine the value 
of the precious metals, except as it may affect the supply. 

If, for instance, the cost of producing gold should be 
reduced 90 per cent, without any increase in the output, 

the purchasing power of an ounce 
So long as there is a ^j j^ ^^^^,^ ^^^ f^,i g^ ^ 
monetary demand suffi- ^, . . °, 

cient to take at a fixed ^^ there is a monetary demand 
mint price all the gold sufficient to take at a fixed mint 
and silver produced the price all the gold and silver pro- 
cost of production need ^uced the cost of production need 

not be considered. ^4. u^ ^^ -.a^^^a 

not be considered. 

It is often objected that the prices of gold and silver 
cannot be fixed in relation to each other, because of the 
variation in the relative ptoduction of the metals. This 
argument also overlooks the fact that, if the demand for 
both metals at a fixed price is greater than the supply of 
both, relative production becomes immaterial. 

In the early part of the present century the annual pro- 
duction of silver was worth, at the coinage ratio, about 
three times as much as the annual production of gold ; 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. II3 

whereas, soon after 1849, the annual production of gold 
became worth about three times as much at the coinage 
ratio, as the annual production of silver ; and yet, owing 
to the maintenance of the bimetallic standard, these enor- 
mous changes in relative production had but a slight effect 
upon the relative values of the metals. 

If it is asserted by our opponents that the free coinage 
of silver is intended only for the benefit of the mine-own- 

„ . 4. ers it must be remembered that 

Free coinage cannot re- ^^^' lu mu^u 

store to the miue owners free coinage cannot restore to the 
any more than tlemoneti- mine-owners any more than de- 
zation took away. monetization took away, and it 

must also be remembered that the loss which the demon- 
etization of silver has brought to the mine-owners, is in- 
significant compared to the loss which this policy has 
brought to the rest of the people. 

The restoration of silver will bring to the people gener- 
ally, many times as much advantage as the mine-owners 
can obtain from it. While it is not the purpose of free 
coinage to specially aid any particular class, yet those who 
believe that the restoration of silver is needed by the whole 
people should not be deterred because an incidental ben- 
efit will come to the mine-owner. 

The erection of forts, the deepening of harbors, the im- 
provement of rivers, the erection of public buildings — all 
these confer incidental benefits upon individuals and com- 
munities, and yet these incidental benefits do not deter us 
from making appropriations for these purposes whenever 
such appropriations are necessary for the public good. 

The argument that a silver dollar is heavier than a gold 
dollar, and that, therefore, silver is less convenient to 
carry in large quantities, is completely answered by the 
silver certificate, which is as easily carried as the gold cer- 
tificate or any other kind of paper money. 



1 14 MR, BRYAN'S MADISON SQ. GARDEN SPEECH. 

There are some who, while admitting the benefits of 

bimetallism, object to coinage at the present ratio. If any 

, . , , are deceived by this objection, 
There are no bimetal- u^ ^ u .u ^ ^i, 

lists who are earnestly they ought to remember that there 
endeavoring to secure it are no bimetallists who are earn- 
at any other ratio than estly endeavoring to secure it at 
16 to 1. any other ratio than 16 to i. 

We are opposed to any change in the ratio for two rea- 
sons : first, because a change would produce great injus- 
tice ; and second, because a change in the ratio is not 
necessary. A change would produce injustice because, 
if effected in the manner usually suggested, it would re- 
sult in an enormous contraction in the volume of standard 
money. 

If, for instance, it was decided by international agree- 
ment to raise the ratios throughout the world to 32 to i, 
the change might be effected in any one of three ways : 

The silver dollar could be doubled in size, so that the 
new silver dollar would weigh thirty-two times as much as 
the present gold dollar ; or the present gold dollar could 
be reduced one-half in weight, so that the present silver 
dollar would weigh thirty-two times as much as the new 
gold dollar ; or the change could be made by increasing 
the size of the silver dollar and decreasing the size of the 
gold dollar until the new silver dollar would weigh thirty- 
two times as much as the new gold dollar. Those who 
have advised a change in the ratio have usually suggested 
that the silver dollar be doubled. 

If this change were made it would necessitate the re- 
coinage of four billions of silver into two billions of dol- 
lars. There would be an immediate loss of two billions 
of dollars either to individuals or to the government, but 
this would be the least of the injury. 

A shrinkage of one-half in the silver money of the world 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. II5 

would mean a shrinkage of one-fourth in the total volume 
of metallic money. This contraction, by increasing the 
value of the dollar, would virtually increase the debts of 
the world billions of dollars, and decrease still more the 
value of the property of the world as measured by dollars. 
(Applause.) 

Besides this immediate result, such a change in the 
ratio would permanently decrease the annual addition to 
the world's supply of money, because the annual silver 
product, when coined into dollars twice as large, would 
make only half as many dollars. 

The people of the United States 
The people of the United ^A u • • ^ u u 

States would be injured ^^"^^ ^^ ^^^^^^^^ ^^ ^ change m 
by a change in the ratio, ^^^ ^^^^o, not because they pro- 
not because they produce duce silver, but because they own 
silver, but because they property and owe debts, and they 
own property, and owe cannot afford to thus decrease the 
debts. 1 r ^u • 

value of their property ormcrease 

the burden of their debts. (Applause.) 

In 1878, Mr. Carlisle said : '' Mankind will be fortuuate 
indeed if the annual production of gold and silver coin 
shall keep pace with the annual increase of population and 
industry." I repeat this assertion. All of the gold and 
silver annually available for coinage, when converted into 
coin at the present ratio, will not, in my judgment, more 
than supply our monetary needs. 

In supporting the act of 1890, known as the Sherman 
act. Senator Sherman, on June 5th of that year, said: 

^< Under the law of February, 1878, the purchase of 
$2,000,000 worth of silver bullion a month has by coinage 
produced annually an average of nearly $3,000,000 per 
month for a period of twelve years, but this amount, in 
view of the retirement of the bank notes, will not increase 
our currency in proportion to our increasing population. 



1 16 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

" If our present currency is estimated at $1,400,000,000, 
and our population is increasing at the ratio of 3 per cent. 

per annum, it would require 
"It would require *^ , . 

$42,000,000 increased $42,000,000 mcreased circulation 
cireulatiou each year to each year to keep pace with the 
keep pace with the iu- increase of population, but as the 
crease of population, increase of population is accom- 

panied by a still greater ratio of increase of wealth and 
business, it was thought that an immediate increase of 
circulation might be obtained by larger purchases of sil- 
ver bullion, to an amount sufficient to make good the re- 
tirement of bank notes and keep pace with the growth of 
population. 

'' Assuming that $54,000,000 a year of additional cur- 
rency is needed upon this basis, that amount is provided 
for in this bill by the issue of Treasury notes in exchange 
for bullion at the market price." 

If the United States then needed more than forty-two 
millions annually to keep pace with population and busi- 
ness, it now, with a larger population, needs a still greater 
annual addition; and the United States is only one nation 
among many. Our opponents make no adequate provis- 
ion for the increasing monetary needs of the world. (Ap- 
plause.) 

In the second place, a change in the ratio is not neces- 
sary. Hostile legislation has decreased the demand for 
silver and lowered its price when measured by gold, while 
this same hostile legislation, by 
Hostile legislation, by . . ^i^ a ^ a f^^ ^r.^A 

increasin,^ the demand ^creasmg the demand for gold, 
for gold, has raised the has raised the value of gold when 
value of gold when meas- measured by other forms of prop- 
ured by other forms of erty. 
property. y^^ ^^^ ^.^l^^ ^|-,^l- ^-j^g restoration 

of bimetallism would be a hardship upon those who have en- 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. II/ 

tered into contracts payable in gold coin, but this is a mis- 
take. It will be easier to obtain the gold with which to 
meet a gold contract when most of the people can use 
silver, than it is now when every one is trying to secure 
gold. 

The Chicago platform expressly declares in favor of 
such legislation as may be necessary to prevent, for the 
future, the demonetization of any kind of legal -tender 
money by private contract. Such contracts are objected 
to on the ground that they are against public policy. 

No one questions the No one questions the right of 

ng-ht of legislatures to fix legislatures to fix the rate of in- 

the rate of interest which terest which can be collected by 

can be collected bylaw; ^^^^ ^^^^^ ^^ ^^^ ^^^^ reason for 

tliere is far more reason . ^ -^vioio 

forpreyentingprivatein. P^eve^^tmg private individuals 

dividuals from setting fi-om setting aside legal-tender 

aside legal-tender law. law. 

The money which is by law made a legal tender must in 
the course of ordinary business be accepted by ninety- 
nine out of every hundred persons. Why should the one- 
hundredth man be permitted to exempt himself from the 
general rule ? (Applause.) 

Special contracts have a tendency to increase the de- 
mand for a particular kind of money, and thus force it to 
a premium. Have not the people a right to say that a 
comparatively few individuals shall not be permitted to 
derange the financial system of the nation in order to 
collect a premium in case they succeed in forcing one 
kind of money to a premium ? 

There is another argument to which I ask your attention. 
Some of the more zealous opponents of free coinage point 
to the fact that thirteen months must elapse between the 
election and the first regular session of Congress, and as- 
sert that during that time, in case people declare themselves 



Il8 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

in favor of free coinage, all loans will be withdrawn and 
all mortgages foreclosed. 

If these are merely prophecies indulged in by those who 
have forgotten the provisions of the Constitution, it will be 
sufificient to remind them that the President is empowered 
to convene Congress in extraordinary session whenever the 
public good requires such action. If, in November, the 
people by their ballots declare themselves in favor of the 
immediate restoration of bimetallism, the system can be 
inaugurated within a few months. 

If, however, the assertion that loans will be withdrawn and 
mortgages foreclosed is made to prevent such political ac- 
tion as the people may believe to be necessary for the pre- 
servation of their rights, then a new and vital issue is raised. 
Whenever it is neces- Whenever it is necessary for the 
sary for the people as a people as a whole to obtain con- 
whole to obtain consent sent from the owners of money 
from the owners of money and the changers of money before 
and the changers of money ^^ ^^^ legislate upon financial 
before they can legislate -^ . i n u a 

upon financial questions, questions, we shall have passed 
we shaU have passed from a democracy to a plutocracy. 
from a Democracy to a But that time has not yet arrived. 
Plutocracy. Threats and intimidations will be 

of no avail. 

The people who in 1776 rejected the doctrine that kings 
rule by right divine will not in this generation subscribe 
to a doctrine that money is omnipotent. 

In conclusion, permit me to say a word in regard to in- 
ternational bimetallism. We are not opposed to an inter- 
national agreement looking to the restoration of bimetallism 
throughout the world. The advocates of free coinage have 
on all occasions shown their willingness to co-operate with 
other nations in the reinstatement of silver, but they are not 
willing to await the pleasure of other governments when 



MR. BRYAN'S MADISON SQ. GARDEN SPEECH. II9 

immediate relief is needed by the people of the United 

, , , ^ ^. * States, and they further believe 

Independent action of- , . \ , rr ^ 

fers better assurance of ^^^^ mdependent action offers bet- 
international bimetallism ter assurance of mternational bi- 
than servile dependence metallism than servile dependence 
upon foreign aid. upon foreign aid. 

For more than twenty years we have invited the assist- 
ance of European nations, but all progress in that direc- 
tion of international bimetallism has been blocked by 
the opposition of those who derive a pecuniary benefit 
from the appreciation of gold. 

How long must we wait for bimetallism to be brought 
to us by those who profit by monometallism ? (Applause.) 

If the double standard will bring benefits to our people, 
who will deny them the right to enjoy those benefits ? 
(Loud applause.) 

If our opponents would admit the right, the ability and 
the duty of our people to act for themselves on all public 
questions, without the assistance and regardless of the 
wishes of other nations, and then propose the remedial 
legislation which they consider sufficient, we could meet 
them in the field of honorable debate ; but when they as- 
sert that this nation is helpless to protect the rights of its 
own citizens, we challenge them to submit the issue to a 
people whose patriotism has never been appealed to in vain. 

We shall not offend other na- 

We shall not offend ^-^^^ ^^^^ ^^ declare the right 
other nations when we . ^, . . , , _^„ 

declare the right of the ^^ ^^e American people to gov- 
American people to gov- ern themselves, and without let 
ern themselves, and, with- or hindrance from without — de- 
out let or hindrance ^^^ upon every question pre- 
from without, ^ decide g^^^^^i ^^^ ^^^-^^ consideration. In 
upon every question pre- , . , . .. . , 

sented lor their consid- '^l^'"g '^is position, we simply 
eration. maintain the dignity of seventy 



I20 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

million citizens who are second to none in their capacity 
for self-government. 

The gold standard has compelled the American people 
to pay an ever-increasing tribute to the creditor nations of 
the world — a tribute which no one dares to defend. I as- 
sert that national honor requires the United States to se- 
cure justice for all its citizens as well as do justice to all 
its creditors. For a people like ours, blessed with natural 
resources of surpassing richness, to proclaim themselves 
impotent to frame a financial system suited to their own 
needs, is humiliating beyond the power of language to de- 
scribe. We cannot enforce respect for our foreign policy 
so long as we confess ourselves unable to frame our own 
financial policy. 

Honest differences of opinion have always existed, and 

When it is seriously as- ^^^^ ^^^^^ ^""''^^ ^' ^^ ^^^ ^^S^^^^' 
serted that this nation tion best calculated to promote 
must bow to the dictation the public weal, but when it is 
of other nations and ac- seriously asserted that this nation 
cept the policies in>on ^^^^^ ^ow to the dictation of other 
which they insist the right , ^ . ,. . 

of self-government is as- ^^t^^^^' ^"^ ^^^^P^ ^he policies 
sailed, and until that upon which they insist, the right 
question is settled, all of self-government is assailed, and 
other questions are in- u^til that question is settled, all 
Higniflcant. other questions are insignificant. 

Citizens of New York : I have traveled from the center 
of the continent to the seaboard, that I might, in the 
very beginning of the campaign, bring you greeting from 
the people of the West and South, and assure you that 
their desire is not to destroy, but to build up. (Loud 
cheers.) 

They invite you to accept the principles of a living faith 
rather than listen to those who preach the gospel of de- 
spair, and advise endurance of the ills you have. The 



MR. Bryan's madison sq. garden speech. 121 

advocates of free coinage believe that, in striving to secure 
the immediate restoration of bimetallism they are laboring 
in your behalf, as well as in their own behalf. A few of 
your people may prosper under present conditions, but 
the permanent welfare of New York rests upon the pro- 
ducers of wealth. 

This great city is built upon the commerce of the na- 
tion, and must suffer if that commerce is impaired. You 
cannot sell unless the people have the money with which 
to buy, and they cannot obtain the money with which to 
buy unless they are able to sell their products at remun- 
erative prices. 

Production of wealth goes be- 

Production of wealth . ,, 1 r ^^uu. ^ur^co 

u r 4.U ^^„i,„„«.^ fore the exchange of wealth those 
goes before the exchange ^ 

of wealth; those who who create must secure a profit 
create must seen re a profit before they have anything to 
before they have anything share with others. You cannot 
to share with others. ^^^^^ ^^ j^i^ ^^^^ money-changers 

in supporting a financial policy which, by destroying the 
purchasing power of the products of toil, must in the end 
discourage the creation of wealth. 

I ask, I expect, your co-operation. It is true that a few 
of your financiers would fashion a 
.o?„S;%.tuTetrtf new figure_a figure representing 
gold and her face turned Columbia, her hands bound fast 
towards the East, appeid- with fetters of gold, and her face 
ing for assistance to those turned towards the East, appeal- 
wlio live beyond the sea. ^^^ ^^^ assistance to those who 
live beyond the sea— but this figure can never express 
your idea of this nation. (Cheers.) 

You will rather turn for inspiration to the heroic statue 
which guards the entrance to your city— a statue as patri- 
otic in conception as it is colossal in proportions. (Loud 
cheers.) 



122 MR. BRYAN'S MADISON SQ. GARDEN SPEECH. 

It was the gracious gift of a sister republic, and stands 
upon a pedestal which was built by the American people. 

That figure — Liberty enlightening the world — is em- 
blematic of the mission of our nation among the nations 
of the earth. (Great applause.) 

With a government which derives its powers from the 
consent of the governed, secures to all the people freedom 
of conscience, freedom of thought and freedom of speech, 
guarantees equal rights to all and promises special privi- 
leges to none, the United States should be an example in 
all that is good, and the leading spirit in every movement 
which has for its object the uplifting of the human race. 
(Cheers lasting several minutes.) 



<'I want the people of this country to read these statistics and 
understand what they mean. In ten counties of the State of 
Kansas the proportion of those renting their farms increased 
from 13.30 in 1880 to 33.25 in 1890, and 64.38 per cent, of the 
farms are mortgaged. Why, sir, these mortgages are held in 
the East, and if these manufacturing States, when their indus- 
tries are infants, own themselves, and have a mortgage on us, 
what is going to be the result when they get full grown i "— W. 
J. Bryan. 



A $25,000 = A- YEAR POOL COMMIS= 

SIONER FOR VICE-PRESIDENT 

OF THE UNITED STATES. 

This fall each ton of anthracite coal will cost every 
manufacturer, every merchant, every family $1.50 more 
than it cost last fall. That is, the price of anthracite coal 
has advanced in the past year a little more than 46 per 
cent. Why ? Is it because the mines are becoming ex- 
hausted ? Is it because the wages of miners and employ- 
ees of coal railways have risen ? Or because the cost of 
production has increased ? Or because last year's price 
was below the price at which dealing in coal is profitable ? 
Not at all. None of these conditions exists or has any- 
thing whatever to do with it. 

The sole reason is that several men who were not get- 
ting rich fast enough and had control over the necessary 
mines and railways organized a trust " to decrease the 
output and to raise the price." In other words, they have 
taken the people individually by the throat and are making 
every one pay a part of this enormous tax. 

Of course there are laws both federal and state against 
it. Of course there are certain instincts of humanity 
against it. But the Coal Trust cares nothing for such 
trifles as law and humanity. It pockets the profits and 
says : " If you don't like our prices, freeze ! " 

No form of extortion is more injurious to business than 
that which puts up the price of coal and makes steam and 
electric power too high to allow the rapid expansion of 
production in such communities as that in which Pool 
Commissioner Hobart resides. — New York Worlds Sept. 
I, 1896. 

123 




Senator John W. Daniel. 



In Accepting the Nomination for the 
Vice=Presidency, Mr. Sewall said : 

*' Mr. Chairman and Gentlemen of the Committee : 
You have given me official notice of my selection by the 
Democratic National Convention as its candidate for 
Vice-President. 

" For the courteous terms of your message, and the 
kind personal expresions, I thank you. 

'* Having been present at that great convention, I can 
more truly estimate the honor its action has conferred. 

" It was the greatest and most earnest convention in 
the history of our party. It was closer and more in touch 
with the people. The delegates were there to voice the 
sentiments of their constituents, the people of the party, 
for the people of the party, controlled and conducted that 
convention. (Cheers.) 

^' The Democracy of the country realize that all the 

.„,, ^ . . , great principles of our party are 

All the great principles "^ ^ ^ ■, .i/.u 

ofoor party are as potent ^^ P^^^^^ ^"^ ^^^^^^'^^ to the 
and essential to the well- well-bemg of the country to-day 
being of the country to- as they have always been, and as 
day as they fcave always they ever will be ; but the over- 
"®^'*' shadowing issue before the coun- 

try, now made dominant by the distressed condition pre- 
vailing throughout the land, is the demand for reform' in 
our existing monetary system. (Repeated cheers.) 

" Our party, and, we believe, a great majority of the 
American people, are convinced that the legislation of 1873 

125 



126 MR. SEWALL'S speech. 

demonetizing silver was a wrong inflicted upon our coun- 
try, which should and must be righted. (Applause.) 

" We believe that the single gold standard has so nar- 
rowed the base of our monetary structure that it is unsta- 
ble and unsafe, and so dwarfed it in its development and 
in its power to furnish the necessary financial blood to the 
nation, that commercial and industrial paralysis has fol- 
lowed. 

''We believe that we need and must have the broad 
and expanding foundation of both gold and silver to sup- 
port a monetary system strong and stable, capable of 
meeting the demands of a growing country, and an indus- 
trious, energetic and enterprising people — a system that 
will not be weakened and panic-stricken by every foreign 
draft upon us ; a system that will maintain a parity of just 
values and the nation's money, and protect us from the 
frequent fluctuations of to-day, so disastrous to every 
business and industry of the land. 

We demand the free "We demand the free coinage 
coinage of silver, the of silver, the opening of our mints 
opening of our mints to to both money metals without 
both money metals with- discrimination, the return to the 
out discrimination, the ,. j- ^, ,, 

" ^ .. ' « money of our fathers, the money 

return to the money of -^ ' / 

our fathers, the money of of the Constitution, gold and sil- 
the Constitution, gold and ver. (Cheers.) 
silver, '< We believe this is the remedy 

and the only remedy for the evil from which we are now suf- 
fering, the evil that is now so fast devastating and impov- 
erishing our land and people, bringing poverty to our homes 
and bankruptcy to our business, which, if allowed to con- 
tinue, will grow until our very institutions are threatened. 

" The demonetization of silver has thrown the whole 
-primary money function on gold, appreciating its value and 
purchasing power. Restore the money function to silver 



MR. SEWALL S SPEECH. 



12/ 



I 



and silver will appreciate, and its purchasing power in- 
crease. Take from gold its monopoly, its value will be 
reduced, and in due course the parity of the two metals 
will again obtain under natural causes. (Cheers.) 

*' We shall then have a broad and unlimited foundation 
for a monetary system commensurate with our country's 
needs, and future development, not the unsafe basis of to- 
day, reduced by half by the removal of silver and contin- 
ually undermined by foreigners carrying from us our gold. 

^. . . ^, „ , This is the reform to which we 

This IS the reform to i j •, ., <■ , 

which we are pledged, ^'^ Pledged, the reform the peo- 

the reform the people de- P^^ demand, the return to the 

mand, the return to the monetary system of over eighty 

monetary system of over years of our national existence. 

eighty years of our na- ^^e Democratic party has al- 

tional existence. , . ■ • , , . 
already given its approval and its 

pledge. Our opponents admit the wisdom of the principle 
for which we contend, but ask us to await the permission 
and co-operation of other nations. (Cries of <' No ! ") 

" Our people will not wait. They will not ask permis- 
sion of any nation on earth to relieve themselves of the 
cause of their distress. The issue has been made. The 
people stand ready to render their verdict next November. 
(Cheers.) 

'• Mr. Chairman, unequivocally and through sincere 
conviction I indorse the platform on which I have been 
nominated. (Prolonged cheering.) 

" I believe we are right. The people are with us, and 
what the people declare to be right must always prevail. 
(Cheers.) 

'' I accept the nomination, and, with the people's con- 
firmation, every effort of which God shall render me capa- 
ble will be exerted in support of the principles involved." 
(Long cheering.) 



GOLD BUG STATISTICS. 

these juggling fiends 
That palter with us in a double sense ; 
That keep the word of promise to our ear, 
And break it to our hope. 

That these are times of great business depression and 
even of actual suffering, is keenly felt by all, and yet 
when we assert that the farmers and wage-earners of this 
country find it almost impossible to obtain a living, we 
are told by men like Atkinson, White and others, that 
there never was a time when wages were so high and the 
cost of living so cheap, and they bring forward abundant 
statistics to show that the farmers are doing well, and that 
there are fewer mortgages now than ever before. 

That there are fewer mortgages is undoubtedly true, 
but Atkinson, White & Co., carefully conceal the true 
reason, which is, that a large proportion of the mortgages 
have been foreclosed, and the property is now in the pos- 
session of the mortgagees! 

As to wages. Wages in many cases have not fallen, be- 
cause the labor unions have fought against a reduction. 
But look at the unemployed! And in many cases an ac- 
tual reduction has taken place. 

From reports of labor commissioners, abstracts of which 
are given in Commissioner Wright's bi-monthly bulletin, 
the following extracts will show something about the "rise 
in wages " and the regularity and conditions of employment: 

Colorado — Number of unemployed, March, 1893, 8,000; 
number of unemployed, August 31, 1893, 45,000. 

128 



GOLD BUG STATISTICS. 1 29 

Connecticut — Number who received poor relief in 21 
towns in 1875, 99^ '■> ^" i894> 10,792. 

New Hampsiiire — Out of 711 individual workmen cate- 
chised, 283 reported that their earnings were less than 
their living expenses, 429 had received stationary wages, 
211 had received decreased wages, and one had received 
an increase. This was for 1894. 

North Carolina— Wages paid farm laborers in 1893, 
$9.50 per month ; in 1894, $9 ; in 1895, $S-75- 

New York, 1895— Out of 695 labor organizations, 544 
reported that reductions would have been forced upon 
them, had it not been for their unions. The unions lost 
$13,577,542.32 from 1885 to 1893, in strikes, lockouts, 
and boycotts, in gaining 110,324,588.76 in wages. 

Rhode Island— Out of 2,229 employees in textiles, 1,692 
were unemployed, more or less, during the year 1894 ; 
1,367 had their wages decreased, and 2,^ received an in- 
crease. 

Massachusetts — Average wages in 4,093 establishments, 

1893, $436.13 ; 1894, $421.81, a loss of $14.32. 
Pennsylvania — Loss from strikes and lockouts, 1881- 

1894, $25,179,210 ; employees in 412 establishments, 1892, 
149,690; 1893, 132,653; 1894, 116,310, a loss in two years 

of 33^380. 

Michigan—Farm laborers who received an increase dur- 
ing five years ending 1894, 335 ; number suffering a de- 
crease, 3,395. 

And so it o^oes. 




Senator Richard Parks Bland. 



BLAND'S ESTIMATE OF BRYAN. 

To THE Editor of the World: 

Mr. Bryan, as a candidate of the Democratic party for 
the Presidency, will, in my opinion, prove eminently a 
representative candidate for the issues now before the 
people, and for the political situation as it now exists. 

I have known Mr. Bryan for 
I served two terms with gg^gj-al years. I served two terms 
himinCon^ressandthere- Congress and there- 

fore have had opportuni- "^"^^ ^ . . 

ties to estimate his worth, fore had opportunities to estimate 
his ability, his zeal, his his worth, his ability, his zeal, his 
honesty and his integrity honesty and his integrity as a 
as a statesman. statesman. 

There is no question that Mr. Bryan is in hearty sym- 
pathy with the Chicago platform and is earnestly desirous 
of victory for the purpose of securing such legislation as 
will carry into effect the promises there made. 

Old-time politicians must understand— and if they do 
not now understand the future will reveal to them the 
fact —that we have entered upon a new era in politics in 
our country. For fifty years in our history the public 
mind has been diverted from the great economic ques- 
tions. Public thought has been directed more particu- 
larly to questions growing out of the peculiar situation of 
the states under the Constitution, part slave and part free. 

For fifty years the slavery question dominated the pol- 
itics of this country. First, the effort to abolish slavery; 
second, the victory of the Republican party in i860, cul- 
minating in the civil war and the abolition of slavery, and 

131 



132 BLAND'S ESTIMATE OF BRYAN. 

the period of reconstruction that followed. The great ques- 
tions involved in this overshadowed all other issues, and it 
broke up the Democratic party as it existed under Jeffer- 
son, Madison, Monroe, and Jackson, to a great extent. 

The new party that arrayed itself in hostility to Democ- 
racy, the Republican party, brought forth with its exist- 
ence these new issues. They have been fought out and 
have been settled, and settled to the satisfaction of the 
American people. North, South, East, and West. 

During this conflict ^^^^"§ ^^is conflict against 
against slavery it has so slavery it has so happened that 
happened that great ad- great advantages were gained in 
vantages were gained in legislation by those who watched 
legislation by those who ^^^-^ opportunities to secure for 
watched their opportuni- , f i , 

ties to secure for them- themselves such advantages m 
selves such advantages !u legislative enactments as might 
legislative euactments as enrich them. 
might enrich them. ^he building of the Pacific 

railroads, the immense land grants and subsidies to these 
roads, the necessity for high tariffs during the war, the 
necessity for the issue of bonds to carry on the war, the 
necessity also for the issue of legal-tender greenbacks 
and other war measures have been taken advantage of by 
the money changers of the country for their own benefit. 

It would make this article too long and deviate too far 
from its original purpose to go into any details with ref- 
erence to these matters. They are simply referred to to 
show that in the past certain classes in this country have 
had the benefit of this government. It has been run to a 
great extent in their interest, and the interest of these 
classes has been to run the government for what money 
they could make out of it. It is these classes of people 
that are to-day arrayed against the Democratic candidate, 
Mr. Bryan. 



BLAND'S ESTIMATE OF BRYAN. 1 33 

Since, therefore the great issues out of which the war 
Thepeoplearenowturn- ^^^^^ have now passed away, the 
ing their attention to eco- people are now turning their at- 
nomic questionSj and are tention to economic questions, and 
making every effort possi- ^re making every effort possible 
ble to get control of their ^^ ^^^^^^^^ ^^ ^^^-^ government 

r«Ztr*:rS that they .a^ run it for them- 
in their own interest, and selves and in their own interest, 
not in the interest of and not in the interest of classes. 
classes. In other words, it is an effort on 

the part of the people to come back to the times of Jef- 
ferson and Jackson, and to follow the doctrines laid down 
by those great statesmen. 

Jefferson predicted the very condition in which we are 
to-day, should the money power monopolize and get con- 
trol of the government ; hence, while the silver question 
is the dominant issue, and the issue around which the 
people are rallying, yet behind all this is still the great 
question : Shall the classes control this government, or 
shall it be controlled by the masses ? 

As the representative ^s the representative of the 
of the masses Mr. Bryan masses Mr. Bryan stands pre- 
stands pre-eminent. He eminent. He is a man of the new 
is a man of the new gen- generation. He is one among 
eration. He is one among those who are entering upon the 
those who are entering ^^^ ^^^^ 

upon the political arena, y^''"-'^ ' ^ 

and upon whom will de- will devolve the future battles of 
volve the future battles of this country. 
this country. The politician who believes that 

the money question, or the silver question, is the whole 
issue in this campaign will find that he is much mistaken, 
not only as to the present, but as to the political future. 
In our future political history the great struggle will be 
on the part of the people to gain control of their own. 



134 BLAND'S ESTIMATE OF BRYAN. 

which is the management of the government by the 
people. 

Mr. Bryan is a young man of splendid attainments, of 
a high order of ability, purity of character and of motives 
in harmony with the masses of the people. Hence, it 
may be said that in selecting him at Chicago to represent 
the issues in this campaign, and the future issues of our 
political history, our party has made no mistake. 

That the Democratic party has made what may be 
called a new departure is true On the other hand, it is 
only a departure by which it has cut itself loose wholly, 
absolutely and unconditionally, from all the past of which 
I have spoken above, and has gone back to the beginning; 
has taken up the doctrines of Jefferson and Jackson, and 
of our fathers, who battled against a centralized govern- 
ment at Washington, and a centralization of wealth, dan- 
gerous to the welfare and liberty of the people. Upon 
the lines of Jefferson and Jackson, and the old Demo- 
cratic fathers, the Democratic party will make battle in 
the future. 

Mr. Bryan is essentially a Democrat in all that this word 

implies. He is a plain, unassuming man. His sympathies 

are with the masses of the plain people of this country. 

In his character he may be com- 

Mr. Bryan in his char- ^^^^ ^^ Abraham Lincoln, who 
acter may be couipared to f , , , , ^ r ^ - 

Abraham Lincoln, who ^^^^ed to the welfare of plam 
looked to the welfare of people as bemg the true object 
plain people as being the and purpose of government. That 
true object and purpose of the people believe that he is such 
government. ^ ^^^ ^^^^ ^^^^^^ ^^^ ^^^ enthusi- 

asm of the masses exhibited for him on his trip from his 
home in Lincoln, Neb., to New York, for it may be said 
without exaggeration that probably never before in the 
history of the country was there such an exhibition of 



BLAND'S ESTIMATE OF BRYAN. 1 35 

enthusiastic devotion to a man and to a cause that he rep- 
resents as was displayed at every station where his train 
stopped. 

Crowds thronged into the towns from the country, and 
the people all joined together in giving him a hearty 
greeting. Indeed, it looked like a mob from Lincoln to 
New York, and the nearer we got to New York the larger 
the mob. It was difficult to get from the train to the de- 
pots, and from depots to hotels, and from hotels to opera- 
houses, such was the enthusiastic demonstration for the 
candidate. 

As to whether Mr. Bryan intends to make public 
speeches in the future I do not know, but it may be pre- 
dicted that if he enter upon a campaign of this kind, it 

He is a young man of ^iH be memorable in our history. 
fine physique, great pow- He is a young man of fine phy- 
ers of endurance, great sique, great powers of endurance, 
energy, and yet, witli all great energy, and yet with all that, 
that, patieut, affable, for- • ^^^^^ forbearing, and 

bearing, and he convinces f . „ , r 

all who come in contact ^^ convmces all who come mcon- 
with him that he is sin- tact with him that he is sincere 
cere and earnest in his and earnest in his convictions. 
convictions. No man who has been thrown 

in his society as I have been both in the halls of Congress, 
in private life and in public campaign, can for one moment 
question this. That he is ambitious no one denies. That he 
is but human, and wishes to be of service to his follow- 
men, not only for the good of his own name, but for the 
good of his country, I have no reason to doubt. 

I think it may be said, without fear of denial, that if 
Mr. Bryan is elected he will use every legitimate power 
to carry out the pledges he has made to the people. His 
honesty of purpose is evident. His enemies grant that ; 
his friends are satisfied upon that point. The effect of his 



136 BLAND'S ESTIMATE OF BRYAN. 

journey from the West to the East is now seen and ac- 

knov/ledged by all. No one has the hardihood to dispute 

that it was a grand success so far as exciting an interest 

among the people in the issues involved in this campaign 

is concerned. No one can deny that the immense crowds 

which greeted him along the way, are evidences that the 

people are with him in this campaign. Especially is this 

so, since, although people may have come — and many did 

come, no doubt — out of curiosity to see a man who had 

been nominated for the Presidency by the dominant po- 

^, . .. , litical partv, yet those who wit- 

Tnose who witnessed , , , 

these demonstrations and "^^sed these demonstrations and 
meetings did not fail to meetings did not fail to observe 
observe that neai'ly all that nearly all who were thus as- 
who were thus assembled, sembled, whether they numbered 
whether they numbered 

500or5,000or203000, 5°° °' 5,ooo or 20,000, were 
were shouting and cheer- shoutmg and cheermg and givmg 
ing and giving every evi- every evidence of their sympathy 
dence of their sympathy with the man and his cause. 
withthemanandhiscause. it has at once aroused the peo- 
ple to a discussion of the issues involved, earlier and more 
earnestly than they have ever been discussed in any pre- 
vious campaign. This has been one of the effects of his 
trip from the West to the East. 

Another effect that his trip has had has been to encour- 
age the friends of Democracy and to confirm them in the 
opinion that they have a candidate with all the ability and 
all the sincerity and physical power to lead to victory. 
His demonstration in New York city, at Madison Square 
Garden, was a magnificent ovation to him. The immense 
throng that was admitted to the theatre and the tens of 
thousands who were unable to gain admission and re- 
mained outside to hear him from the hotel balcony is ev- 
idence that, so far as the laboring and producing masses 



BLAND'S ESTIMATE OF BRYAN. 1 37 

of the people are concerned, he has their confidence and 
their sympathy. 

His speech at Madison Square Garden was an able de- 
fense, if defense it might be called, of the Chicago plat- 
form. It was more than that. It was a pov/erful attack, 
and, as I regard it, an unanswerable argument, against the 
single gold standard and the present condition of our 
finances. 

It may be said that my zeal for this cause may lead me 
not only to overestimate the strength and character of 
our candidate, but also the strength of the cause he rep- 

^, resents, yet the public man who 

The public man who now u -^ ^ ^ • n .u 

hesitaies, and especially '''''' ^^^^^^^^^' ^"^ especially the 
the Democrat who now Democrat who now lags behmd 
lags behind in this great in this great battle, will find him- 
battle, will find himself self not only isolated at this time, 
not only isolated at this but for all time to come, as a 
time, but for all time to r^ 4. r v x. . j 

come, as a Democrat. Democrat, for it can be set down 

as being as certain as the future 
can be predicted that the old-time Democracy, which has 
made its battles on the slavery question and the war ques- 
tion and all these questions, is dead, and dead forever. 
And old-time leaders must comprehend this fact. When 
I say the party is dead I mean that it is dead as to those 
past issues. I do not mean to say that the Democratic 
party itself is dead, but, on the contrary, it has new life 
and new vigor, and is now on the high road, not only to 
victory in this campaign, but to popular favor for many, 
many years to come. 

It may be called a resurrection of the old issues of Jef- 
ferson and Jackson, in which the people took up Democ- 
racy to do battle against plutocracy in all its forms ; 
against the Hamilton theory of government, which meant 
government by the classes instead of the masses. These 



138 BLAND'S ESTIMATE OF BRYAN. 

issues are now renewed and are to be again fought out, 
and the Democrat who cannot stand in the party upon 
these issues is right in leaving it and in going to the party 
of McKinley, which supports simply the old Hamiltonian 
theory. 

As a representative of this new departure of Democracy, 
I know of no man who is better fitted for being a leader 
of the party than Mr. Bryan. 

R. P. Bland. 

August 17, 1896. 



WHO ARE THE DEBTORS? 

The gold advocates and particularly clerical servants of 
Mammon, like the Rev. Dr. McArthur, to whom a call 
from the Lord is always most effectual when sounded 
through a golden trumpet and by a rich congregation, try to 
convey the impression that debtors are a poor, disrepu- 
table and dishonest class, constantly trying to shirk their 
obligations and avoid paying what they justly owe. Now, 
it is true that there is a certain class of debtors that may 
be thus characterized. They are the men who always owe 
small bills to their landlord, their grocer, and to friends 
from whom they have borrowed a dollar or two. Pay- 
ment of their debts is with such men a sort of happy-go- 
lucky affair; if they have a streak of luck, they pay (some- 
times), but they never exercise any self-denial for the 
sake of getting out of their debts. With such men the 
medium of exchange cuts no figure ; free coinage will 
never affect them. 

Their debts are not scaled fifty cents on the dollar, but 



WHO ARE THE DEBTORS? 1 39 

100 cents, and yet Mc Arthur and men of his kidney hold 
up such dead-beats as typical debtors. 

The debtors to whom an honest dollar is of importance, 
and upon whom the incubus of an unjust and dishonest 
gold standard presses most severely, are the men who have 
built up the nation and made all our great improvements. 
They have built our railroads, our bridges, our steamships, 
our warehouses and colossal " sky-scrapers." They are 
the men who have built the homes of the people, changed 
wild forests into fertile fields, and fed the world. They have 
taken dead and idle capital, breathed into it the breath of 
life, and made it a living power. Without them capital 
would have been dead and the gold of the syndicates 
would be worth less than its weight of pig lead. 

Does Dr. McArthur and his crew now urge that this 
capital, nursed to life in the bosom of labor, shall, like the 
viper in the fable, destroy those who warmed and nour- 
ished it? 

The fight is not between capital and labor. Without 
capital, labor would be like a Samson shorn of his locks, 
and honest labor is always willing that capital should have 
its just share of the profits. The fight is between labor 
and real capital on the one hand, and speculators, trust 
managers and international pawnbrokers on the other. 

And, in the language of the Heralds of old, '' May God 
Defend the Right!" 



McKINLETISM.— As a correct and clear definition of this 
term, we would suggest to future Dictionary-makers the follow- 
ing : The art of so taxing the poor that the rich may escape 
having to pay for the support of the government. 




Editor Clark Howell. 



EDITOR CLARK HOWELL'S TRIBUTE 
TO BRYAN. 

Chicago, 111., July ii, 1896. 
To THE Editor of the Herald — 

Whatever of good or bad there be in the demand for the 
free coinage of silver,]the man and the movement met yes- 
terday. A young man, too, but one year beyond the con- 
stitutional limit, and yet that man fired the Convention by 
the intensity of his eloquence as no man ever enthused an 

„ , , ,, ^ audience. Fresh from the bosom 

Fresh from the bosom ^ , , , t^ -^ 

of the people, he sprang, ^^ ^he people, he sprang, a David, 
a David, to ^ive battle to to give battle to the Goliath of 
the Goliath of the money the money power. 
power. A stripling from the West, gird- 

ing his loins for the mightiest contest since the days of 
Andrew Jackson, has been called into the arena by tjie 
people to give battle to the stalking and silent champion 
of the monopoly which has cornered the gold of the world 
and which seeks to make its holdings the basis of the 
money supply of mankind. 

The nomination of Bryan is an 
The nomination of , r 1 . ^u • 

Bryan is an outbnrst of ^^^burst of voluntary enthusiasm. 
voluntary enthusiasm. He came heralded by no '' man- 
He came heralded by no agers," and accompanied by no 
< 'managers," and accom- retinue. There was nothing pre- 
panied by no retinue. meditated or prearranged about 
it, and what has been done has been in response to the ap- 
parently all pervading sentiment of a Convention which in 
point of numbers as well as in the historic incident of the 

141 



142 CLARK HOWELL'S TRIBUTE TO BRYAN. 

occasion, is the most remarkable which ever assembled in 
this country. Since Thursday the nomination of Bryan 
has been inevitable. 

Before Thursday it was not considered as a remote pos- 
sibility. His speech delivered in defence of the majority 
report of the Committee on Platform, did the work, and, 

The sUver men of the with one accord, the silver men of 
Conyention think that the the Convention think that the 
Democratic Moses has Democratic Moses has been 

been found, and that the r ■, a 4-u 4. 4.u i u 

1 u f A 4.U found, and that the people have 
people haye found the ' , • 

leader who is to save them found the leader who is to save 
from the relentless grasp them from the relentless grasp of 
of the hoarders of gold, the hoarders of gold . 

Not until now will the people be thoroughly convinced 
that a tidal wave is moving across the continent, but 
there will be abundant evidence to this effect between now 
and November. For nearly thirty years the Democratic 
party has burned incense on the altar of the party in New 
York, and during all that time Southern states have rolled 
up vast majorities for New York's nominee without quib- 
bling or without question. 

Even when they differed on economic problems the 
South and West have fallen in line with the East, and 
have submitted every question to the arbitration of the 
majority. If that decision was adverse, there was no sulk- 
ing, no sitting by, with muffled mouths and threatening 
demeanor, but always the same enthusiastic, cordial and 
undivided support of the Democracy, which, for a quarter 
of a century, has gone to New York for its leader. 

To-day the scene changes; New York's members take 
issue with the vast majority of the Convention; more 
than two-thirds of the body are of one way of thinking; 
New York sulks and sits, a silent and responseless listener 
to the call of the roll. 



CLARK HOWELL'S TRIBUTE TO BRYAN. I43 

New Jersey and Connecticut do likewise; add parts of 
the delegation from Maine. Delaware, Massachusetts 
and Vermont follow suit, but the convention proceeds with 
its business just as though the Eastern Democracy were 
again nominating a President, and all is well. What the 
sullen and silent recalcitrants of to-day's Convention will 
do nobody knows — nobody cares. Nominate another 
ticket and flock by themselves ? They can proceed with- 
out fear that they will be hurting anybody's feelings. 

^ X , ^ X For every vote lost to the party 

For eyery vote lost to , ^ . . , , n t. 

the party by this step a ^y ^^^^ step a hundred will be 
hundred will toe gained; gained, for every State lost two are 
for every State lost tvFO ready to take its place. Sooner or 
are ready to take its later it must be understood that the 
P ®' people of the whole country are in 

action and that they will not be led any longer as volun- 
tary victims at the chariot wheels of the money power. 

The country is now about to witness the most interest- 
ing campaign since the days of Clay and the elder Harri- 
son. It will be a campaign of the hustings. The campaign 
speaker will be in usual demand. Every cross roads stump 
will reverberate with the echoes of campaign eloquence. 
New leaders will be found and new methods will prevail. 
It is money against patriotism, the flag against the three 
balls. The people are in action, and the people will win. 

Clark Howell. 



^'The citizen who designates the money of the United Slates 
as dishonest should toe disfranchised."— W. G. McLaughlin. 



JUSTICE QAYNOR FOR BRYAN. 

In a letter to General Almet F. Jenks, a leading law- 
yer of Brooklyn, he voices his sentiments on the political 
issues of the day. 

Brooklyn, July 14, 1896. 

Dear Mr. Jenks : 

It is a time for moral courage. Depend upon it, in this 
hour of weakness, hesitation and desertion, the great mind 
and heart of the unselfish, intelligent people is not falter- 
ing. Through mazes of sophistry and masses of im- 
material fact and fiction, their aggregate intelligence sees 
with sound vision ; and though some things may not be 
shaped in platform declaration as they would have them, 
nevertheless, they see and understand the main purpose, 

Their ranks are not dis- ^"^ are steadfast to it. Their 
ordered by the shameless ranks are not disordered by the 
cry of ''Anarchist'' and shameless cry of ''Anarchist" and 
'^Socialist." ''Socialist." Such free use is 

likely to provoke the inquiry whether the comparatively 
few who have in a generation or less amassed, and who are 
now amassing, vast inflated fortunes out of the public by 
the issuing of untold millions of fraudulent bonds and 
stocks upon public privileges and franchises, to pay in- 
terests and dividends upon Avhich a proportionate tribute is 
levied upon nearly every community in the country — 
whether they are not the Anarchists, the endangerers of 
our institutions and social order, instead of those who 
think it wholesome and wise that such a state of things, 
and the unrest and demoralization caused by it, should 
not continue. 

144 



JUSTICE GAYNOR FOR BRYAN. 145 

The parts of the platform against which this vulgar cry 
of *' Anarchy " and '' Socialism" is levelled, though not 
specified, are obviously those relating (i) to the money 
question, (2) to an income tax, and (3) to interference 
by the general government in local affairs. In respect of 
the first, the Republican platform expressly favors bi- 
metallism, but holds that it is impracticable in this coun- 
try unless the other principal nations adopt it. The Demo- 
cratic platform holds that this nation is great enough to 
take the lead of the world in adopting it independently. 
Thus, both parties agree that it is better than gold mono- 
metallism. Is a bimetallist to be hooted at as an anarchist 
or lunatic ? 

Three years ago, in London, at the Mansion House, I 
heard Mr. "Balfour make his great speech to a distin- 
guished audience in favor of bimetallism. I did not hear 
any one call him an Anarchist for so doing. 

Those who say to us that the production of the two 
metals has since maintained about its former ratio, and 
that we can go back to the former condition and keep 
them at a parity as money, may, therefore — well, be at 
least decently listened to. Some are crying out for the 
sacredness of contract obligations, and for the national 
credit and honor, as though there was a suggestion to re- 
pudiate private or public obligations. All contracts pay- 
All contracts payable in ^^^^ ^^ S^ld are inviolable under 
gold are inviolable under the Constitution. They cannot 
the Constitution. They be changed by law. 
cannot be changed by law. if our public bonds were, by 
their terms, payable in gold, they would have to be so 
paid. But they are not payable in gold. 

The people of this country and of this state are for a 
tax upon incomes in excess of $4,000 or $5,000 by an 
overwhelming majority. It is the feeling even of the fair 



146 JUSTICE GAYNOR FOR BRYAN. 

and conservative rich that those who have the property of 
a nation should pay its just proportionate share toward the 
support of government which protects it. That is the sen- 
timent of every nation in Europe as well as of this nation. 
This cry from certain quarters of Anarchist and Socialist 
against those who favor an income tax will not change 
their minds. The fathers of many of them were abused 
in the same senseless manner for speaking and voting 
against human slavery. 

No one can trutlifuUy ^o one can truthfully say that 
say thattheaUusioninthe the allusion in the platform to the 
platform to the decision of decision of the supreme court of 
the Supreme Court of the the United States, declaring the 
United States, declaring ^^^^^^ .^^^^^ ^^^^^^^ unconstitu- 
the recent income statute . , , . , . . 
unconstitutional and void, Clonal and void, is intemperate. 
is intemperate. That decision of a divided court, 

itself upset the previous solemn decisions of that court. 
No court decision can permanently settle such a question 
contrary to the mature judgment of the nation. Does any 
one now say that the nation should have acquiesced in the 
Dred Scott decision by the same court ? It was thought 
by those who hailed it with triumph to have settled forever 
here the stability of human slavery, but instead it only 
hastened the coming liberation of the slave. The people 
would not have it. 

There is left only the objection to local interference by 
the general government. After the vehemence of those 
called ''old-line Democrats" against federal interference 
of any kind, even to the supervising of federal elections, 
which we have heard from boyhood up, this sudden cry of 
Anarchy, especially by these "old-liners," against their 
old doctrine, is strange enough. 

These so-called leaders who are bolting would do well 
not to be so conspicuous about it. What the people have 



JUSTICE GAYNOR FOR BRYAN. 147 

done for them, and how little some of them have done in 
return for the people, and what use they have made of 
political prominence and trust for their own personal ag- 
grandizement, may come under a brighter light than they 
can bear. The combination of individuals, for instance, 
both in and out of the senate, who held up the Wilson 
tariff bill in the senate in the interest of the sugar, iron 
and coal trusts and combines, have not yet lost their iden- 
tity in the public eye, whether they appeared openly, or 
masked behind dummies. 

They will have a hard time to convince any one of their 
sincerity in now coming forward as the saviours of their 
party and of their country. Yours very truly, 

W. J. Gaynor. 



MEXICAN DOLLARS. 

Amongst the many "bugaboos" flaunted in our faces 
by our gold standard friends, the threat that we will be 
deluged by Mexican dollars is a favorite with them. They 
do not tell us, however, that there are only $55,000,000 of 
them all told — rather a small amount with which to flood 
us. We must also bear in mind that there is a mintage 
fee of 2 per cent., and a stamp tax of 3 per cent, on all 
gold and silver carried to the Mexican mint. 

Any comparison between the United States and Mexico 
which attempts to account for the difference between the 
two nations, on the ground that Mexico is on a silver basis, 
is entirely misleading. 



PRESIDENT ANDREWS, 

Head of Brown University, Declares Free 
Coinage Will Not Imperil Credit. 

But National Bankruptcy, He Says, Will Follow a Con- 
tinuance of the Present Gold Standard— No Influx of 
White Metal Likely— The Eminent Political Economist 
Disposes of a Number of Wall Street's Stock Argu= 
ments and Asks for Free Silver. 

Rev. Henry W. Pinkham, pastor of the First Baptist 
Church, Denver, Col., and a friend of President Andrews, 
of Brown University, recently wrote to Dr. Andrews, ask- 
ing these questions: 

1. Do you favor the free coinage of silver at the ratio 
of 1 6 to I by the United States, without waiting for aid 
from other nations ? 

1. I do. 

2. Could the United States, having adopted such free 
coinage, maintain the practical parity of the gold and the 
silver dollar ? 

2. I believe so. 

3. Would not free coinage by the United States alone 
lead to a complete displacement of our gold ? Why not ? 

3. I do not think so. People wonld not hoard or export gold 
in face of a moYement certain to cheapen gold. It seems to me 
rather likely that tlie rehabilitation of silver by ns wonld be the 
occasion of settmg free vast anion »ts of gold now hoarded for 
military and other pnrposes. 

148 



VIEWS OF PRESIDENT ANDREWS. I49 

4. Would not the effect of the recent increased produc- 
tion of gold as compared to silver be counter-balanced in 
the event of free coinage by the stimulus thus given to 
silver mining and by the influx of foreign silver ? 

4. This is partly answered under the last. Further, there 
would be no influx of foreign silver. Undoubtedly free coinage 
by us would increase the total amount of silver produced, but the 
new silver could not be mined at so low a marginal cost as at 
present prevails. The marginal co.^t would be on the contrary 
increased with the output, so that all tendency fi'oni this source 
to lower the gold price of silver would be negatived. The very 
prolific silver mines now are very few. 

5. Would not the advantages of free coinage be more 
than negatived by the injury to our credit, thus causing a 
withdrawal of foreign capital ? 

6. Quite the reverse. After a possible first shock our credit 
would improve after free coinage. It is our present course 
which must speedily lower our credit. How long could a man 
or a firm continue to have credit who borrowed each year to pay 
a large portion of Ms running expeiises ? Yet on a gold basi§ tliis 
courjic is inevitable, and that is at this moment the reason why 
foreign lenders are shy of our secusities. There must be a change 
if we would avoid bankruptcy. With free coinage every indus- 
try would look up, and even if we lost our gold our prosperity 
would invite in English capital, just as Japan's prosperity now 
causes it to rush there. Never since slavery days has the press 
in the parts of the country familiar to me, displayed such disre- 
gard for truth and sucii stubborn obtuseness to the most obvious 
considerations as it does at present on the silver question. This 
means that the money pow{'r seated in hmidon, but with repre- 
sentatives in New ¥0 k, Pisiladeiphia and Chicago, is determined 
to continire the apprec'sition of goM, and determined therefore 
that the facts sliall not be kn?) wn. The bankers and t!ie press are 
almost entirely under its influence. I think the money question 
at the present time the greatest question of civilization. 

Yours, witli kindest regards, 

E. BENJAMIN ANDREWS. 



ISO VIEWS OF PRESIDENT ANDREWS. 

The argument of Dr. Andrews is regarded as having the 
more importance because of his high standing as a finan- 
cial writer. He has long been an advocate of bimetallism, 
but until recently urged international agreement. About 
.two years ago he published a book called '' An Honest 
Dollar " which was a plea for bimetallism, denying, how- 
ever, the ability of the United States to bring this about 
without agreement with other countries. 

Before becoming president of Brown University, Dr. 
Andrews was professor of political economy and finance 
at Cornell University. 



BRYAN— SEWALL-PROSPERITT. 

Protect the American people by pennittiiif^ them, through the 
mints of their own Government, to coin their own money, and 
to issue it under the fiat of Uncle Sam instead of depending upon 
the fiat of any foreign government. 

Why bond ourselves as slaves to the capitalists of the Old 
World ? 

Why not coin our own money out of the product of our own 
mines, and thus maintain the parity between gold and silver 2 

" Under the sinj^le .gold standard prices in aU gold standard 
countries are being driven down from day to day, from year to 
year. This drives down prices in the United States, and no pro- 
tective tariff can prevent this fall of prices here and abroad." 
Hard times invariably follow in the wake of a falling market. 

Secure the Restoration of the Free Coinage of Silver and 
the Bi^netallic Standard of the Currency , and we can pay 
our bonds as easily in gold as we can now pay them in silver. 

A Single Gold Standard fiirnislies no money except such as we 
can borrow from Europe, or such as we can procure there by 
selling our commodities to them at the price dictated by the own- 
ers of gold. 



"THE CRIME OF 1873 "—ITS HIS- 
TORY AND ITS EFFECTS. 

" The demonetization of silver was the most gigantic 
crime of this or any other age ; it will cause more suffer- 
ing to the people than if one-half of all the movable prop- 
erty, including railroads and shipping, were destroyed at 
a blow." — John G. Carlisle's speech in the House of Rep- 
resentatives ifi 18^8. 

The Act of Feb. 12, 1873, to which John G. Carlisle 
rightly applied the term "the crime of 1873," ^^o^ away 
from silver the right to free coinage, which it had enjoyed 
from the foundation of our government up to that time, and 
it also took away from such silver coinage as might be 
issued by the government, the quality of legal tender, 
except in sums under five dollars. The direct effect of 
this was to reduce the material available for money by 
one-half. Previous to 1873, silver and gold were both 
available as money which required no redemption in any- 
thing else ; after that time, silver money was placed on a 
par with paper money, and was useful only in so far as it 
could be redeemed in gold. As the amount of silver and 
gold available for money had continued about equal in 
value for many years, this act of 1873 virtually lessened 
the money supply by one-half. 

That this act was the result of a conspiracy planned 
years before and carried out with all the cunning and se- 
crecy of experienced wire pullers, cannot be doubted by 
any calm and unprejudiced investigator who will trace its 
history. 

151 



152 "THE CRIME OF 1873." 

The men who finally succeeded in destroying one-half 
the money of the commercial world began the work years 
ago, and it was a matter of indifference to them whether 
it was gold or silver that was demonetized, so that the 
quantity of money in existence should be lessened and 
all debts and obligations virtually doubled. Prior to 
1849, things were in a condition quite satisfactory to these 
men, because the s^jpply of the precious metals was little 
more than sufficient to meet the requirements of the arts 
and to compensate for the loss by abrasion, etc., and not 
at all equal to the increased demand made by a gradually 
expanding commerce. But when the gold discoveries of 
Siberia, Australia "and California poured in their apparently 
unlimited supplies, the money kings took fright, and 
numerous treatises were written, advocating the demone- 
tization of gold. Here, however, the conservatism of Eng- 
land stood the world in good stead. To demonetize gold 
in the rest of the world and leave England with her gold 
standard, would practically accomplish nothing. America, 
too, was intractable. To demonetize gold would be to 
greatly reduce the value of the products of the American 
mines just discovered in California, and American patri- 
otism rebelled at the suggestion. Therefore, nothing was 
accomplished, and watching and waiting became the pol- 
icy of the hour. The opportunity came in 1871, when 
Germany received the first instalment of the $1,000,000,000 
indemnity from France in gold, or its equivalent. At the 
behest of the Rothschilds, whose agents in this country 
are the Belmonts, and who had advanced to Germany the 
sinews of war for the Franco-Prussian war, Germany 
adopted the gold standard and demonetized silver, and 
then the conspirators set to work to demonetize silver 
throughout the world. 

The United States fell an easy prey. At that time 



ITS HISTORY AND ITS EFFECTS. I S3 

neither silver nor gold were in general circulation— paper 
being the medium of exchange. Sherman, Knox and 
Linderman set to work, and under the pretense of revising 
the mere system of the mint and the arrangement of the 
officers and their salaries, brought in a bill which effectu- 
ally accomplished the work of the conspirators. 

In the House, Mr. Hooper of Massachusetts repeatedly 
stated that the bill made no fundamental change in ex- 
isting laws ; that it was merely a codification with a few 
alterations in regard to salaries, etc. This was clearly 
shown by the remarks of Senator Casserly of California, 
who said in a sort of interrogatory way : '' This is a codi- 
fied law," and John Sherman did not have the honesty to 
set him right. Everybody knows that a <' codified" law 
is one which simply brings together and arranges in clear 
and logical form the laws already existing on the subject. 

The bill as it finally passed was never read in the Sen- 
ate. It is a long bill, covering fifteen pages of the book 
of statutes ; the reading was interrupted, and was never 
resumed. It was passed during the closing days of the 
session under a threat by Sherman that if the Senate at- 
tempted to discuss the bill, he would read to them certain 
correspondence of indefinite length, which would consume 
so much time that all other business would be paralyzed. 

As Senator Daniel of Virginia said, " it went through 
Congress with the silent tread of a cat." The papers 
knew nothing about it. Harper's Weekly, which now 
shouts so loudly about ''fraud," ''repudiation," "anar- 
chy," and "fifty-cent dollars," knew nothing about it. 
Nearly two years afterwards, on the 9th of January, 1875, 
Nast had a cartoon on the first page, in which the "Ark 
of State" is represented floating towards a distant moun- 
tain top which just appears above the deluge of waters, 
and is inscribed : 



154 **THE CRIME OF 1873." 

"On a Sound Specie Basis — Gold and Silver," 
while above a bright rainbow marked ''Our Credit" 
spans the firmament. So that Nast, the illustrator, and 
Geo. William Curtis, the editor, one of the best informed 
men of his day, were both ignorant of the fact that Sher- 
man and his gang had demonetized silver. 

General Grant, who, as President, signed the bill, did 
not know that silver had been demonetized. Eight months 
after the passage of the bill, viz., on the 3rd of October, 
1873, he wrote to Mr. Cowdrey as follows : 

'' I wonder that silver is not coming into the market to 
supply the deficiency in the circulating medium. . . . 
Silver will become the standard of values, which will be 
hoarded in a small way. I estimate that this will con- 
sume $200,000,000 to $300,000,000 in time, of this species 
of our circulating medium. ... I confess to a de- 
sire to see a limited hoarding of money. But I want to 
see a hoarding of something that is a standard of value 
the world over — silver is this." — Forty-fourth Congress^ 
2nd Session. Report 70J, page Sg. 

Poor, deluded man! Honest, open and above board 
himself, he never suspected that a few sharp speculators 
had slipped through Congress and induced him to sign an 
act which for years would relegate silver to the class of 
pig metals! 

In the face of all this, what is the value of the long 
tabular statement of Prof. Laughlin, giving the number of 
times some bill on the subject was brought up and dis- 
cussed ? The fact is that the bill which the professor de- 
scribes is not the one that was passed and which became 
law. That bill which was a substitute bill, and passed as 
such, was never read at all. 

After the United States had demonetized silver, and 
Germany had thrown a large amount of her old silver 



ITS HISTORY AND ITS EFFECTS. 155 

coinage on the market as bullion, France, Belgium, Italy, 
Switzerland and Greece became alarmed and closed their 
mints to silver. This, of course, took away all coinage 
demand for the metal, and the price gradually sank until, 
in 1893, the Indian mints were forced to close. After that 
the descent was rapid and the price of silver fell from 
$1.29 per ounce, in 1873, to 6$ cents pe-r ounce in 1894. 

The effects of this " crime " are known to all. It has 
made millionaires on the one hand and tramps and pau- 
pers on the other. The prophetic words of John G. Car- 
lisle, quoted at the head of this article, did not overdraw 
the evils and miseries of which it has been the cause, and 
although Mr. Carlisle has deserted the cause of the peo- 
ple and humanity, and has allied himself with trusts, 
monopolies and money-changers, his words, so far as they 
rest on facts, appeal to our knowledge and experience as 
well as to our reason. 



JAMES Q. BLAINE SPEAKS. 

James G. Blaine, speaking on the floor of the House, 
Feb. 7, 1878, said : 

*' I believe gold and silver coin to be the money of the 
Constitution ; indeed, the money of the American people 
anterior to the Constitution, which the great organic law 
recognized as quite independent of its own existence. No 
power was conferred on Congress to declare that either 
metal should not be money. Congress has, therefore, in 
my judgment, no power to demonetize silver, any more 
than to demonetize gold." 

The reader will find the history of this conspiracy 
given more fully on another page of this book. 



WHO WAS THE CRIMINAL? 

In a recent interview with Murat Halsted, Senator John 
Sherman, referring to '^ the crime of 1873," said : 

''The crime of 1873, with which I am charged, was un- 
Hke the crime of 1806, which Jefferson committed, in this, 
that he ordered the coinage of silver dollars stopped, and 
in 1873 th^ order for coinage of legal tender silver when 
the mint regulations were revised, was not given." 

It will be seen that Mr. Sherman here plainly acknowl- 
edges that there was a crime, and, like other bad little 
boys, he tries "to put it on to the other fellow." 

How was it ? 

At the time that President Jefferson ordered the director 
of the mint to cease the coinage of dollars and to coin 
only half dollars, quarters and dimes, the country was 
poor and greatly in need of currency. The dollar was a 
favorite coin with many of the nations with which we 
traded, and as fast as the mint turned them out they were 
exported, so that the people got no benefit from them. 
Jefferson, being a true Democrat, took the side of the 
people, and ordered that no piece above the half dollar 
should be coined. This had a tendency to keep silver in 
the country, and this was the reason distinctly and ex- 
pressly given in the letter to the director of the mint, 
written under Jefferson's direction by Secretary Madison, 
and dated May ist, 1806. 

But these half dollars, quarters and dimes were full and 
unlimited legal tender for all debts public and private and, 

156 



WHO WAS THE CRIMINAL? 1 5/ 

to quote the words of the statute in force at that time and 
for a quarter of a century afterwards, *' it was lawful for 
any person or persons to bring to the said mint, gold and 
silver bullion in order to their being coined ; and that the 
bullion so brought shall be there assayed and coined as 
speedily as may be after the receipt thereof, and that free 
of expense to the person or persons by whom the same 
shall have been brought." 

In these free coinage and full legal tender silver pieces 
there was coined $76,734,964.50, and that during a time 
when the population was small and the country compara- 
tively poor. So that it cannot in any correct sense be 
said that silver was demonetized by order of Jefferson. 
Mr. Sherman cannot get rid of the charge in that way, by 
shoving it on to Jefferson. 

Such papers as the New York Evening Post and the 
New York World have repeated over and over again the 
statement that there were only about 8,000,000 silver dollars 
coined prior to 1873, and that since that time 430,790,041 
have been coined. This is technically true, but practically 
false. Prior to 1853 there was coined over $84,000,000 of 
full legal tender and free coinage silver. 

The silver coined after 1873 was not under free coinage, 
and while it was unlimited legal tender (except the sub- 
sidiary coins) it was mere credit or token money and 
served no purpose which might not have been equally 
served by the same weight of fine bronze worth say thirty 
cents per pound. And for this state of things John Sher- 
man is almost wholly responsible. The secrecy and men- 
dacity which characterized the passage of the law of Feb. 
12, 1873, which demonetized silver, probably cannot 
be parallelled in the history of legislation. The bill which 
actually passed was never read in Congress ; it went through 
both houses with " the silent and stealthy tread of a cat," 



158 GOLD DURING THE CIVIL WAR. 

and the very President (Grant) who signed it and made it 
a law, did not understand its effects. The latter state- 
ment has been recently denied by his son, but Grant's own 
letter is on record, and is given on another page of this 
book. 

During the civil war the gold owners managed to make 
money out of both sides and to accumulate fortunes at the 
expense of both the North and the South. At the North 
they managed to get back three dollars for every dollar 
that they lent the government, and this was done largely 
by '' rigging the market," as it is called. Sometimes, how- 
ever, they did not succeed as they expected, as the following 
amusing anecdote told by Ben. Butler, in his book, shows: 

^'On Thursday evening, it having been generally circu- 
lated in the city that General Butler had shut himself up 
in his headquarters and dared not show himself lest he 
should be assassinated, I sent an officer of my staff to take 
a stage box for us at the opera, having got a new uniform 
so that I could go in full feather. We appeared there, 
and were received with some applause, which I acknowl- 
edged. I sat out the entertainment. Between the acts 
Captain DeKay, of my staff, who was a society man in 
New York, left the box to visit one wherein he saw his 
aunt, and found therein Mr. August Belmont. Mr. Bel- 
mont made a statement publicly in his hearing that he 
would bet a thousand dollars that the election would go 
for McClellan, and another thousand that gold would go 
up to 300 by the morning of election. This being reported 
to me, I told Captain DeKay to say to Mr. Belmont that 
those bets would be taken; but Mr. Belmont declined." 

Gold did not go up to 300, but Mr. Belmont's vote was 
challenged on account of his bets, and he did not vote. 
Belmont acted as the agent of the Rothschilds and 
''worked both sides for all they were worth," 



THE TRADE DOLLAR. 

In his speech at Columbus, O., on the 15th day of 
August, 1896, Senator John Sherman, referring to the pro- 
posed free coinage of silver, used the following language: 

" It is harsh to express this opinion of a measure favored 
by many good people, but I cannot regard it in any other 
light but as both a fraud and a robbery, and all the worse 
if committed by a great, rich, and free people. A citizen 
who should commit such an offense would be punished by 
the courts or denounced as dishonest, but a nation like 
ours, is beyond the power of any tribunal but conscience 
and God." 

Such an earnest and emphatic condemnation of any- 
thing bearing even the semblance of repudiation must be 
gratifying to every right-minded citizen. But when Mr. 
Sherman charges fraud and repudiation upon those who 
would undo the evil results of the great conspiracy of 
1873, of which he was an active aider and abettor, he 
totally misapplies the terms. None of the prominent 
advocates of the free coinage of silver propose either fraud 
or repudiation in any form whatever. What they demand 
is simple justice and honesty — no more, no less. 

But there did occur a case of repudiation pure and 
simple which it may be well for the people of the United 
States to call to mind as it may throw some light on the 
character of the men now most prominent in hurling 
charges of repudiation against those who are striving to 

159 



l6o JOHN SHERMAN AND THE TRADE DOLLAR. 

undo the great wrong committed by Sherman and his 
party. Let us here briefly give the facts: 

In his report to the Secretary of the Treasury, dated 
Nov. 19, 1872, at which time the famous bill known as 
"the crime of 1873 " was pending in Congress, Dr. Linder- 
man, then Director of the mint, recommended the manu- 
facture of a disk or ingot of silver weighing 420 grains 
900 thousandths fine. This disk or coin was intended to 
compete in China and the East with the Mexican dollar, 
and thus make a market for American silver, and it was 
expressly recommended that it be not made legal tender. 
But John Sherman, who had charge of the coinage bill in 
the Senate, called it the ''trade dollar," named it as one 
of the coins of the United States, and made it legal tender 
to the extent of five dollars. Under such conditions 
about 15,000,000 of these coins were issued, and it will 
require very little knowledge or reflection on the part of 
the reader to convince him that every one was a distinct 
obligation on the part of the United States; in other 
words, being issued as legal tender, they had the same 
force as if the United States had issued 15,000,000 one dol- 
lar checks or bills. 

Things went along very well until silver began to fall 
in price, and then Mr. Sherman recommended that the 
legal tender quality be taken away from these ''trade dol- 
lars." In other words that they be repudiated, and this 
was done by joint resolution dated July 22, 1876. It 
would of course, have been easy, and also perhaps just, to 
have taken away the legal tender quality from all such 
coins as might be issued after that date, and 20,000,000 
of them were afterwards made'' for the trade with the East. 
But to take away the legal tender quality from coins 
already issued, and which the people had consequently 
been forced to accept, was precisely the same as if the 



JOHN SHERMAN AND THE TRADE DOLLAR. l6l 

United States had issued an equal number of checks or 
one dollar bills and then repudiated them. John Sherman 
suggested and recommended this very course. See his 
speech delivered in the Senate, April ii, 1876. This 
speech is also reproduced in his collective speeches, pub- 
lished by the Appletons in 1889, and the passage to which 
we refer will be found at page 523 of that book. 

These trade dollars, as many of our readers may re- 
member, obtained a very considerable circulation amongst 
mechanics and small business men. When they fell in 
value and were no longer legal tender they were sold to 
the bullion brokers at a discount of from 10 to 30 cents 
each. This loss fell upon the common people, and, to 
use John Sherman's words, "We cannot regard it in any 
other light but as both a fraud and a robbery." 

But this was not the whole of it. In 1887 a law was 
passed authorizing the redemption of these trade dollars 
at their full face value, without any regard to whether 
they had been issued as legal tender or not ! This law 
was engineered through Congress by a syndicate that had 
bought up all the trade dollars they could find and had 
also bought up a number of U. S. Senators by admitting 
them to the pool ^' on the ground floor." 

"The most common and meanest argument against a measure 
is that it will lielp somebody."— John Sherman's Speech in the 
Senate, June 8th, 1876. 



HOW IS THE WORKINQMAN TO BE 

BENEFITED BY THE FREE 

COINAGE OF SILVER? 

'' For my part, I am willing to state here that if Mr. 
Bryan could show me that by any means known to heaven 
or known on earth, any means revealed to the comprehen- 
sion of man, that wages could be increased, I will be ready 
to support him here and now." — Bourke Cockran in his 
Speech at Madison Square Garden. 

It is an economic principle as firmly established and as 
clearly demonstrated as any of the great truths of physi- 
cal science that no important class of the community can 
be injured without inflicting injury upon the entire nation. 
And the converse is equally true ; you cannot, by just 
means, increase the prosperity of any important class with- 
out increasing the prosperity of all. Mr. Cockran, like 
the partisan and demagogue that he is, sets this great prin- 
ciple at defiance, and attempts to array the Southern cot- 
ton planter and the Western farmer against the mechanics, 
the railroad men, and those engaged in professional pur- 
suits. Talking here to the mechanics and manufacturers 
of the East, he urges them to vote for McKinley, so that 
they may have high wages and cheap living, forgetting 
that if the farmer and the cotton planter cannot get fair 
prices for their products, they cannot buy the products of 
the mechanic and the manufacturer, and consequently the 
latter will labor in vain. 

In order that there may be good wages there must be a 
market for the things produced by the wage-earners, but 

162 



HOW IS THE WORKINGMAN BENEFITED ? 163 

how can there be a market when those who ought to be 
purchasers are unable to buy ? The fatal sophistry of the 
McKinleyites lay in their argument that if the farmers 
would only vote for high protection, they would have a 
paying market for their products. Pay a little more for 
your coats and plows and railroad iron, and we will find a 
home market for your wheat and beef and cotton ! They 
got the protection, but the profits went into the pockets of 
Hanna, Carnegie, Rockefeller and their syndicates. 

On the other hand, the promise to the mechanics was 
that under high protection the farmers would buy such 
quantities of goods that the mills and factories would all 
be kept running full time. What was the result ? In the 
home city of the Republican candidate for vice-president, 
a city of 80,000 inhabitants, more than half the working 
population are idle to-day. 

And it must be borne in mind that the wealthy gold ad- 
vocates — the Whitneys, the Martins, the Goulds, the Van 
Alens, the Morgans, the Belmonts, and Bourke Cockran 
make no market for American products. These and their 
kind go to Europe every year or two, spend there millions 
of the wealth produced by American labor, and then return 
laden with the products of European tailor-shops, bric-a- 
brac, ladies' dresses, etc., which they import duty free as 
personal effects. One family brought over one hundred 
and twenty trunks filled with such goods, and they were 
admitted duty free because they were decided to be not 
out of keeping with the station in life of the persons who 
brought them in ! A poor man bringing them in would 
have had to pay the lawful duty. 

And thus doth protection protect ! ! 

Mr. Cockran would build up wages and pull down the 
farmers, but the motto of every true democrat is 
" Live and let live." 



164 HOW IS THE WORKINGMAN BENEFITED ? 

Good prices to the farmers, fair wages to the mechanics 
and other wage-earners, and work for all. 

Will free coinage aid in bringing about these conditions ? 
We think it will, and for the following reasons : 

Since the demonetization of silver there is not enough 
actual money to transact the business of our rapidly in- 
creasing manufactures and commerce. The only reply 
ever made to this proposition by the advocates of gold is 
that of one of their ablest writers, Mr Horace White, edi- 
tor of the Evening Post, and better known, perhaps, as 
'* Coin's Financial Fool." His only reply is the counter- 
question: '■'■ How do you know?" 

A very little explanation will make the truth of our 
statement clear to all except men of the class of Bourke 
Cockran and Horace White. 

All commerce is simply barter, and money is merely 
the tool by which the barter is effected. The merchant 
does not really sell his goods for money, but for other 
goods and articles of value ; the farmer does not raise 
crops merely for the sake of getting money, but for cloth- 
ing, stock, tools, land, or the discharge of mortgages and 
debts. Even the mechanic does not work for money, but 
for food, clothing, shelter, etc., and money is merely the 
tool which enables the merchant, the farmer and the me- 
chanic to exchange their goods, products and services for 
what they really need. If a mechanic or a farmer buys 
too many tools, he wastes his wealth; if he has not enough 
tools, he works at a disadvantage and loss. The carpen- 
ter who has only a cross-cut saw, and tries to do all his 
work with it, loses more time and effort than would buy 
several sets of saws ; the farmer who is short of plows, and 
is obliged to let his men and horses stand idle because 
they have not tools with which to work, will soon be bank- 
rupt. It is the same with money. If the supply of money 



HOW IS THE WORKINGMAN BENEFITED? 165 

should be short, the business of the country is carried on 
at a disadvantage, and this is the case at present. 

But say the gold advocates: "Look at the banks; in 
all the great money centers the banks have more money 
than they know what to do with." Very true, but it is 
not actual money. It is that credit money which comes 
from the deposit of checks and the discount of notes. 
When a merchant gets a note discounted at his bank, he 
does not draw the money; he gets a credit on the books 
of the bank against which he draws checks, but the bank 
has no more money than before, although perhaps $10,000 
has been added to its deposits. 

This will be seen more clearly if we examine the Reports 
of the Comptroller of the Currency. 

Taking the report for 1892, the amount of the deposits 
in the national banks alone was $2,296,076,185. In other 
words, the merchants and other customers of the banks 
had this amount of money to their credit, and were en- 
titled to draw checks against it. But according to the Re- 
port of the Director of the Mint for the same year, there 
was only $1,649,547,000 actual money in the country. 
This included gold, silver, nickels, copper and paper of all 
kinds. Of this real or actual money a large amount was 
in the pockets of the people, the tills and safes of mer- 
chants, etc., not to speak of the large quantity in the 
vaults of savings banks, state banks, trust companies and 
large corporations. 

So that while the apparent amount of money on deposit 
may be very large, the actual amount may be so small as 
to be within the danger line. This is the case at the pres- 
ent time. The banks have an immense amount of credit 
money on deposit, but the proportion of real money is so 
small that the banks actually talk of issuing clearinghouse 
certificates to protect themselves in case of a panic. 



l66 HOW IS THE WORKINGMAN BENEFITED ? 

Moreover, the banks have so much credit money on 
hand that it would be imprudent for them to increase it, 
and consequently they are compelled to refuse all loans 
and discounts. It is currently reported that one of the 
foremost houses in New York was refused discount on three 
months' notes at nine per cent., and in the home city of 
the millionaire Republican vice-presidential candidate, an 
old established manufacturing concern, whose wealth and 
credit were unimpeachable, was refused discount at eight 
per cent. Is it any wonder that our stores, shops and 
mills have to close and that merchants, clerks, mechanics 
and mill-hands are thrown out of work ? 

The only remedy for this is to increase the supply of 
actual money, and this can be done only through the res- 
toration of the free coinage of silver. If the credit money 
now on deposit in the banks can be backed up with a little 
more actual money, the merchants will buy from the 
manufacturers, the manufacturers will set their mills go- 
ing, the wage-earners will find employment and good pay, 
and the farmers will find in the wage-earners, people who 
are ready and able to buy their products. Can anything 
be clearer than that free coinage is what is wanted to start 
the wheels of industry and so benefit the wage-earners ? 



MR. BRYAN'S TIVOLI ADDRESS. 

'* Mr. Chairman, Ladies and Gentlemen : The presence 
of a number of persons who are prepared to discuss at 
length the issues of this campaign, together with the fact 
that I have considerable work ahead of me, will make it 
unnecessary for me to occupy a great amount of your 
time. But I appreciate this opportunity of presenting to 
you, even briefly, some points which I deem worthy of 
your consideration. 

'' We are entering upon a campaign which is a remark- 
able one in many respects. Heretofore, at least in the 
last twenty-five or thirty years, each party has gone into 
the campaign practically solid, presenting a united front 
against the opposing party. But in this campaign there 
has been practically a bolt from every convention which 
has been held. What does this mean ? It means that 
convictions are deeper this year than they have been 
heretofore. 

" It means that people are not so willing now as they 
have been to allow the platform of a party to control their 

Men are thinking this ^^^io"- ^^^ ^^^ thinking this 
year with more of earn- year with more of earnestness and 
estness and intensity than intensity than they have in recent 
they have in recent years, y^^rs, and the results of this 
thinking will be manifested when the time comes to reg- 
ister the will of this great nation, and between that time 
and this hour we expect to present to those who must act 
upon the questions the issues of this campaign. 

" When our party at Chicago wrote the platform, which 
167 



l68 MR. BRYAN'S TIVOLI ADDRESS. 

it did, we knew that it would offend some people. No 
party can take a plain, strong, emphatic position upon 
any question without offending somebody. We declared 
in that platform what we believed was right. We declared 
there the policies which we believed were best for the 
American people, and when we did it we knew that it 
would alienate some. 

'* Let me read one of the planks of that platform : 
"' We are opposed to the issuing of interest bearing 
bonds of the United States in time of peace, and con- 
demn the trafficking with the banking syndicate which, in 
exchange for bonds, and at an enormous profit to them- 
selves, supply the Federal Treasury with gold to maintain 
the policy of gold monometallism.' That is one of the 
That was not put in Pl^^^^. That was not put in there 
there to attract loYe of to attract love of those who have 
those who have grown grown rich out of the Govern- 
rich out of the Govern- cent's extremities. (Applause.) 
ment's extremities. ^^ ^-^ ^^^ ^^^^^^ ^^^^^ ^ho 

have a passageway from the Federal Treasury to their 
oiifices to join with us in closing up the passageway. 
(Applause.) We did not expect those who are making a 
profit out of a gold standard and out of the embarrassment 
which it brings to the Treasury to join with us in putting 
an end to the gold standard. Why, if we had expected it, 
we would have expected it in the face of all the history of 
the past. 

'' Do you remember the Good Book tells us that some 
1800 years ago a man named Demetrius complained of 
the preaching of the Gospel ? Why ? ' Why,' he said, 
' It destroys the business in which we are engaged. We 
are making images for the worship of Diana, and these 
people may say that they be not gods that are made with 
hands.' But Demetrius was much like men who have 



MR. BRYAN'S TIVOLI ADDRESS. 169 

lived since his day. When he had made up his mind that 
the preaching of the Gospel interfered with his business 

He didn't go out and ^^ ^^"^"'^ -° ^"^ ''^^^ '^^ ^^ ^^^ 
say to the world, <<Onr ^°^^^' '^^^ business is being in- 
business is being injured jured and we are mad.' What 
and we are mad." Wliat did he say? He said, ' Great is 
did he say 2 He said, Diana of the Ephesians.' 
"Great IS Diana of the ,,^jt u . j 

Ephesians." ^^ ^^^^ '^^^^ ^^"^^^ who 

are very much like Demetrius. 
They know that the restoration of bimetallism destroys 
the business in which they have been engaged. 

They don't say t3iat " But when they make public 
the Democratic party is speeches they don't say that the 
wrong because it inter- Democratic party is wrona be- 
feres with our business. v . r -.i. 1 

What do they say 2 They ^^"^" '^ interferes with our busi- 
say: "Great is sound "^^s- What do they say ? They 
money; great is an hon- say ' Great is sound money; great 
estdoUar." is an honest dollar.' (Applause 

and laughter.) 

" I say this platform was not written to attract their 
votes. It was written because we want to destroy the 
business in which they are engaged. But, my friends, if 
those who have made a profit out of the government's 
financial policy array themselves against the Democratic 
party, may or may we not expect those who believe that 
we are right to come to our rescue and fill up the ranks 
that are being thus depleted ? If we must part company 
with those who believe in a government of syndicates, by 
syndicates and for syndicates, may we not appeal with 
confidence to those who believe that a ' government of 
the people, by the people and for the people should not 
perish from the earth ?' (Applause.) 

*' If these men who pride themselves upon their prom- 
inence in the business world, and who glory in the title of 



I/O MR. BRYAN'S TIVOLI ADD»RESS. 

business men, are going to make a business out of politics, 
are going to use their ballots to 
I heg you to consider increase their incomes, I beg you 
whether the great tolling ., , . .i. . 

massesofthisnationhave ^^ ^°"^^^^^ ^^^^^^^ ^^^ ^'^^^ 
notarighttomakeabus- toilmg masses of this nation have 
iness out of politics once not a right to make a business out 
and protect their homes of politics once and protect their 
and their families. ^^^^^ ^^^ ^^^-^ ^^^.^.^^^ ^^^p. 

plause.) 

'* I have not been in the State of New York long. I 
have not met many of your people. And yet in the short 
time that I have been here I have met enough Republi- 
cans who have told me that they were going to vote our 
ticket to make up for every prominent Democrat that has 
deserted us. (Applause.) And we welcome the coming 
guests as we speed those who are parting. (Applause.) 

'' Now, my friends, this is a practical question. It is a 
question which you must consider for yourselves. The 
gentleman who has preceded me has very properly told 
you that you are competent to settle this question for 
yourselves. The founders of our government never con- 
ceived that a time would come when there would be only 
a few people in this country who would l^e competent to 

settle a great public question. If 
If they had they would ^. ^^^ ^, ^^^j^ ^^^^ ^.itt^^ 
haye written m the Con- .,,,:., 
stitution that on most '" ^he Constitution that on most 
questions everybody could questions everybody could vote, 
Tote, but on the money but on the money question only 
question, only the flnan- the financiers could vote. (Ap- 
ciers could vote. ^^^^^^^ ^^^^ laughter.) It is hoi- 

low mockery to grant to the people a right in your Con- 
stitution and then deny them the privilege of exercising 
the right. 

*' I assert that the people of the United States, those 



MR. BRYAN'S TIVOLI ADDRESS. 1 71 

who produce wealth as well as those who exchange it, have 
sufficient patriotism and sufficient intelligence to sit in 
judgment upon every question which has arisen, or which 
will arise, no matter how long our government may en- 
dure. (Applause.) The great political questions are 
economic questions, and great economic questions are in 
their final analysis great moral questions, and it requires 

Itrequiresnoextended "^ ^^'""^"^ experience in the 
experience in the hand- handhng of money to enable a 
lingof money to enable a man to tell right from wrong. 
man to tell rigrht from << And, more than this, this 
^^^^S* money question will not be settled 

until the great common people act upon it. No question 
is settled until the masses settle it. Abraham Lincoln said 
that the Lord must have loved the common people, be- 
cause he made so many of them. (Applause.) He was 
right about it. There is another evidence that the Lord 
made the common people, and made a great many of them. 

The common people are ^^ ^^ because the common people 
the only people who have ^^e the only people who have ever 
ever supported a reform supported a reform that had for its 
that had for its object object the benefit of the human 

the benefit of the human ^^^^ /a 1 j i. \ t 

j.^^^ "uuiuu i-ace. (Applause and cheers.) I 

do not mean to say that there 

have not been exceptions to the rule. I do not mean to 

say that you have not found among the masses at all times 

those who are ready to betray those who toiled with them 

if they could see some chance of personal elevation. Nor 

do I mean to say that those who have got beyond the 

ranks of the common people are entirely unmindful of the 

claims of brotherhood upon them. But I say, as a general 

rule, that the common people here and everywhere have 

been the support, and the only great support, of every 

measure of reform. (Applause.) Now you have a right 



1/2 MR. BRYAN'S TIVOLI ADDRESS. 

to take this question, examine it, and form your own 
The baHot is given to opinion, and the ballot is given 
you in order that yon to you in order that you may ex- 
may express your own press your own opinion when you 
opinion when you come ^^^^ ^^ ^^^^^ ^^^ ^^^ ^^ required 
to vote, and not be re- , , , , 

quired to accept some- to accept somebody else s opmion. 
body else's opinion. '' And I am gomg to call your 

attention to just a few things this afternoon for you to 
consider when you are trying to make up your minds what 
you are going to do. 

''Now our opponents are all divided as to the policy 
which should to be pursued. You take the gold standard 
Democrats, some of them say they ought to come out 
openly and indorse the Republican candidate, so as to be 
sure and elect him ; others say * No, that would be dan- 
gerous, because unless we have a canditate of our own 
there will be a great many Democrats who will be foolish 
enough to vote the Democratic ticket.' 

''And there they are divided. They all want the same 
They aU want to elect object. They all want to elect the 
the Republican candi- Republican candidate, because 
date, because they be- t^gy believe that Democracy is 
lieve that Democracy exemplified through Re- 

is better exemplified ^ * 

through Republicanism publicanism (laughter and ap- 
than through Democracy, plause) than through Democracy. 
" But I say they are divided as to the means of getting 
at it, and some say that they can elect the Republican 
candidate better by having a candidate of their own to 
fool Democrats with than they could by openly support- 
ing the Republican ticket. 

" Not only are they divided there, but they are divided 
all the way through when they come to argument. Why, 
some of them will start out to show that the gold standard 
is a good thing, and after one of their speakers has got 



MR. BRYAN'S TIVOLI ADDRESS. 1/3 

well on showing how great a thing the gold standard is, 
then another speaker comes along and says it is a mistake 
to say the gold standard is good ; the gold standard is not 
good : what we want is bimetallism, but we can't have it 
until somebody helps us. Now those two arguments are 
not consistent. If the gold standard is not a good thing, 
why should they want bimetallism ? And yet if they ever 
If they ever have two have two men making speeches 
men making speeches the the same night, the chances are 
same night, the chances i6 to i that one of them will 
are 16 to 1 that one of .^^ ^^^ ^^^ ^^^^^^^^ ^^ ^ ^^^ 
them will praise the gold \ . , ., , , .,, ,, 

standard as a good thing, ^hmg, while the other will tell you 
while the other will tell how anxious they are to get rid 
you how anxious theyare of it. Well, then, they come to 
to get rid of it. the details of the argument. One 

man says the reason why he does not want free coinage is 
that he does not think that the Government should pass 
a law that will enable a silver miner to take 50 cents 
worth of silver bullion and convert it into a hundred cents 
and make the difference. 

" And he will get red in the face, become indignant at 
the idea that the Government should attempt to help some 
individual in this way. Of course he may have been in 
favor of a system of taxation that would yield 200 or 300 
per cent, but that doesn't count. It is a terrible thing to 
allow the silver miner to make that profit. Then the next 
man who comes up will say that as a matter of fact the 
stamp of the Government adds nothing to the value of 
the metal, and that the free coinage of silver simply 
means that you convert 50 cents' worth of bullion into a 
50-cent dollar, and nobody makes any profit out of it. 
(Laughter.) 

*' I say that the chances are, that if you have two men 
make speeches on the same platform in favor of our not 



174 MR. BRYAN'S TIVOLI ADDRESS. 

taking any action until some foreign nation helps us, you 
will find that one of them will in all probability make one 
argument, and the other will make the other argument, 
and very often the same man makes both arguments. 
(Laughter and applause.) Now you can see the absurdity 
of it. If the silver miner, under the law of free coinage, 
finds that his silver bullion is raised so that that which is 
now worth 50 cents will be worth 100 cents, then there are 
no 50-cent dollars, and if the other man is correct, and 
the law adds nothing to the value of the metal, and you 
simply convert 50 cents' worth of silver into a 50-cent dol- 
lar, then the mine-owner has not made a cent. (Applause.) 
If there are two men to speak against our position, one 
of them will probably say that there has been no fall in 
prices, and he will denounce the people who complain 
that gold has risen in price, and after he has proved that 
to the satisfaction of every man who does not think, then 
his colleagues will come on and tell you that, not only 
have prices fallen, but that it is the greatest blessing in 
the world to have prices fall. (Laughter and applause.) 
Those two are not consistent, but it follows all the way 
through. Why is it ? It is because our opponents have 
Our opponents haye no "^ theory, no principle, no pol- 
theory, no principle, no icy upon which they are prepared 
policy upon which they to stand and fight. They do 
are prepared to stand ^ot dare to say that the gold 
and fight. standard is a good thing, because 

no party in the history of this country has ever declared 
in favor of a gold standard ; and they do not dare to say 
that it is a bad thing, and then tell seventy millions of 
liberty-loving people that they have got to suffer until 
some foreign nation comes and brings them relief. (Ap- 
plause, and a voice, '* That is right.") 

*' I want you to remember that in the discussion of this 



MR. BRYAN'S TIVOLI ADDRESS. 175 

money question there are certain fundamental principles; 
and when you understand those principles you understand 
the money question. 

'^ I was out in a portion of the country where they irri- 
gate on a large scale, and I found enormous plants, and 
investigating them this thought occurred to me : What 
principle is it that underlies the subject of irrigation ? 
There is a principle that you must understand before you 
can do anything in the way of irrigation. What is the 
great underlying principle? It is that water runs down 

hill. (Laughter.) Until you learn 
When you understand ^, ^ ^ , ^u- ,. 

that water runs down that, you cannot do anythmg tow- 
hiUthen all you have to ^^^ irngatmg a farm; but when 
do is to di^ a ditch with you understand that water runs 
a slant to it, and you can down hill, then all you have to 
carry water whereyer ^^ is to dig a ditch with a slant 
you want to. . . 1 

to It, and you can carry water 

wherever you want to. (Laughter.) 

" Now, so it is with the money question. You have got 
to fmd out the fundamental principles which underlie the 
subject, and when you understand those principles you 
understand the money question. What is the principle 
that underlies it all ? It is that the law of supply 
and demand applies to money as it does to everything 
else. 

"You know that if the world's crop next year of a cer- 
tain article is very much greater than the crop this year, 
that article will fall in price ; if the crop is much smaller 
than this year, the article will rise in price. You know 
that the law of supply and demand reaches and controls 
money, as well as other forms of property. It reaches 
and controls all sorts of property. 

" Increase the amount of money more rapidly than the 
demand for money increases, and you lower the value 



176 MR. BRYAN'S TIVOLI ADDRESS. 

of a dollar ; decrease the quantity of money, while 

Increase the amount of t^e ^^'^^^^"^ ^^^ '^ increases, 
money more rapidly tliaii and you increase the value of a 
the demand for money in- dollar. When you understand 
creases, and you lower that, you understand the essence 
the value of a dollar ; de- ^^ ^^e money question. When 
crease the quantity of 1 ^ , ,u ^ 1 

u-i *u^ A^^..,.A you understand that, you under- 
money while the demand ^ ' -^ 

for it increases and you stand what its effect is on you ; 
increase the value of a and then you can tell where 
dollar, your interest lies. When you 

understand that principle, then you understand why 
the great crusade in favor of 

The great crusade in ^^^ j^ standard finds its home 
favor of the gold standard ,u u ^A cc 1 

„ , ., , ^ ^ .. ^ amonc^ the holders of fixed invest- 

finds its home among the ^ 

holders of fixed invest- ments, who, by such legislation, 
ments, who,bysuchlegis- raise the value of the property 
lation, raise the value of which they hold. 
the property which they «< j am not giving you my 
® * authority for it ; I can quote 

you authority which our opponents dare not question. I 
have called attention, and I shall continue to call atten- 
tion to a remark made by Mr. Blaine in Congress on this 

The destruction of sil- subject. He said that the de- 
ver as money and the es- struction of silver as money, and 
tablishing of gold as the ^he establishing of gold as the 

sole unit of value must , .. r 1 ^1, 

zj . „ , sole unit of value must have a 

have a ruinous efltect upon 

all forms of property, ex- rmnous effect upon all forms of 

cept those investments property, except those invest- 

which yield a fixed re- ments which yield a fixed return 

turn in money, that these ^^ money; that these would be 

Tncfd^^^''''''"''*"''^^''" ^^°™°'''^^ enhanced in value 
and would gain a disproportionate 
and unfair advantage over every other species of property. 
(Great applause.) 



MR. BRYAN'S TIVOLI ADDRESS. 1 7/ 

** There is a statement that no man who has respect for 
his reputation will dare to dispute, that the establishing of 
gold as the sole unit of value throughout the world and 
the destruction of silver as standard money means that 
you shall destroy the value of all property except money 
and investments that call for a fixed amount of money. 
It means that you will give to those investments and to 
this one form of property, money, an advantage over every 
other form of property. 

"When you understand the effect of the policy and then 
understand that the desire for it is manifested most among 
those who hold the fixed investments or trade in money, 
I think you will come to the conclusion that I have come 
to — that the fact that the gold standard is a good thing 
for them is the principal reason why they are in favor of 
a gold standard. (Applause.) 

^, , "When you make up your minds 

When you make up your , , •' , , , , . , , 

minds that the gold stan- ^^^^ ^he gold standard is a bad 
dard is a bad thing, then thing, then the only question that 
the only question that you you have to consider is, how can 
have to consider is, how you get rid of it ? Our opponents 
can you get rid of it 2 ^^^ ^^-^^ objections to the plans 

which we propose, but I want to suggest that you are in- 
terested not so much in knowing the objections to our 
plans as in knowing what plans they have to relieve the 
condition. (Great applause.) Why don't they propose 
something ? Is it because they don't know what ought to 
be done ? If so, they are poor people to lead you out of 
bondage. (Laughter and applause.) Is it because they 
know and will not tell ? If so, they have not the candor 
that should be possessed by those who would redeem a 
people from their suffering and distress. (Applause.) 
They say that our dollar will be a 53-cent dollar. They 
refuse to apply to the silver that is produced in the world 



178 MR. BRYAN'S TIVOLI ADDRESS. 

the law of supply and demand. We say, increase the 
demand for silver by legislation, and that new demand, 
acting with the demand now in 
We say, increase the de- existence, will operate upon the 
mand for silver by legis- ' \ A, ^ ^u ^ 

lation, and that new de- P^^^^ of silver. We say that that 
mand, acting with the new demand will be sufficient to 
demand now in existence, consume all the silver presented 
will operate upon the ^t the mint, and being sufficient, 
price of silver. ^-^^ ^^-^^ ^^^ ^.^j^^ ^^ ^-^^^^ 

bullion to $1.29 per ounce throughout the world. (Ap- 
plause.) 

*' We have a reason for our belief : They simply say, 
* It won't do it, it won't do it,' and then sit back and pro- 
pose absolutely nothing. 

** I have known some of our opponents to use this sort 
of argument : Why, they say, if the free coinage of silver 
makes a silver dollar equal to a gold dollar, it will be 
just as hard to get a silver dollar as it is to get a gold dol- 
lar. Do you know what they overlook ? They over- 

When we bring silver look the fact that when we bring 
into competition with silver into competition with gold 
gold and increase the sup- and increase the supply of stand- 
ply of standard money ^^^^ money, that, while a silver 
it will be easier to ob- ^^^^^^ ^^.j^ ^^^ ^^^^^^ ^^ ^^^^ ^^ ^ 

tain, with the products „ , 

of toil, a silver dollar, or g^^^ dollar, it will be easier to 
a gold dollar than it is obtain, with the products of toil^ 
to-day. a silver dollar, or a gold dollar, 

than it is to-day. (Applause.) Our complaint is, that the 
same hostile legislation which has destroyed the demand 
for silver and driven down the price of silver when meas- 
ured by gold, has also increased the demand for gold, 
and driven up the price of gold when measured by other 
forms of property, and that the opening of our mints to 
the free and unlimited coinage of silver will operate to 



MR. BRYAN'S TIVOLI ADDRESS. 179 

bring more money into circulation, and thus lessen the 
strain that has existed for gold, and that by increasing 
By increasing the de- ^^^ demand for silver, we bring 
mand for silver we bring silver up until silver and gold meet 
silver up until silver and at the ratio now fixed by law and 

gold meet atthe ratio now a silver dollar and a gold dollar 
fixed by law, and a silver .,, . , ,, ° , 

doUar and a gold dollar ^^^^ ^^^^ the same value here and 
wiUbe of the same value ^^^ ^^^^ ^^^ world. (Applause.) 
here and all over the But I have spoken beyond the 
^^^^^' time that I expected to. (Several 

voices : '' Keep on; go on ! " Another] voice: " We wilj 
stay here till to-morrow morning.") 

" I simply want to say this: If there is any person here 
who is afraid that under the policy proposed by the Chi- 
cago platform we are going to have a flood of money and 
that you will be drowned in it, we cannot appeal to him 
for support. (Laughter.) But if there is anybody here 
whose experience is such that he is willing to risk the dis- 
astrous consequences of that flood upon him, we ask you 
to consider whether we are not entitled to your vote." 
(Applause.) 

A voice : ''Are you a Democrat ? " 

*' I think that the principles which I advocate are Dem- 
ocratic." 

A voice : << Right you are! " 

Another voice: *' You are a Democrat." 

'' I call myself that, but you may call me any name 
you please; you cannot swerve me from what I be- 
lieve to be good for the people. (Continued applause 
and cheering.) 

" My friends, I want you to study this money question 
for yourselves, and I want you to understand that if 
bimetallism is to be restored, the United States must take 
the lead. (Applause.) 



l8o MR. BRYAN'S TIVOLI ADDRESS. 

" We have waited for more than twenty years to have 
the benefits of bimetallism brought to us by those whose 

„, , .^ , ^ interests are opposed to ours. I 

We have waited for , , a i 

more than twenty years ^''^'^ ^^^^ ^^^ American people 
to have the benefits of bi- not only have the right, but have 
metallisai brought to us the ability to legislate for them- 
by those whose interests selves on every question, no mat- 
are opposed to ours. ^^^ ^^^^ ^^^^^ ^^^^^^^ ^^^ think 

about it. (Great applause.) 

''The man who says that bimetallism is desirable and 
yet that the United States is impotent to bring its advant- 
ages to our people, has made an admission that I shall 
not make. (Applause.) 

"We appeal to you to remember that the United States 
is the only nation that stands ready to protect its own 
people from every danger, foreign and domestic. 

Foreign nations may '' Foreign nations may protect 
protect their people, as their people, as they should, but 
they should, but our na- our nation is the only nation that 
tion is the only nation can protect the American people. 
that can protect the ,^ j^^^^ A voice: ''That's 
American people. \ , „. 

right. ') 

"If we need relief from the gold standard we must 
secure it ourselves, and if we must secure this relief for 
ourselves we can only secure it through a party which 
believes in the immediate restoration of the free and 
unlimited coinage of gold and silver at the present legal 
ratio of i6 to i, without waiting for the aid or consent of 
any other nation." (A voice : " That's right." Great 
applause and cheers.) 



WILL FREE COINAGE BRING FIFTY- 
CENT DOLLARS AND 
REPUDIATION? 

The methods of reasoning adopted by the gold advo- 
cates are frequently very remarkable, and, to the ordinary 
mind, incomprehensible. Thus they tell us that it is not 
fair to allow a miner to take fifty cents' worth of silver to 
the mint and have it coined into a dollar worth loo cents, 
and then in the next breath they tell us that these loo 
cent dollars, when put in circulation, are worth only fifty 
cents ! If all this were true, it would be a sort of legerde- 
main which would throw the feats of Houdin and all the 
great conjurers entirely into the shade. These people are 
afraid that somebody will gain some advantage from free 
coinage, and, as John Sherman says, one of the meanest 
and commonest of all arguments against a measure is that 
it will help somebody. We sincerely hope and believe 
that free coinage will help the miner, the farmer, and the 
mechanic. If we did not believe so, we would work 
against it with might and main. 

Let us then try to find out what will be the effect of 
free coinage on the value of the silver dollar as compared 
with the dollar of gold ? 

This is a purely economical question which can be an- 
swered in advance of actual trial only, by a consideration 



l82 WHAT FREE COINAGE WILL BRING. 

of such sound, economical principles and well-ascertained 
facts as are applicable to the case, and it is on this line 
that we propose to try to give an answer. 

The director of the mint tells us in his last report, that 
the amount of silver in use as money in the world is 
$4,070,500,000, and some of the gold men tell us, that to 
keep the silver dollar at par with gold, all this silver must 
be raised from 68 cents per ounce to $1.29 per ounce, a 
task which they say is utterly beyond the ability of any 
one, or even two countries, in the world, not excepting the 
United States. 

Much of this silver, however, is already held at a price 
which is above $1.29 per ounce. Thus Great Britain has 
$115,000,000 which she holds at $1.44 per ounce, and no 
man could put a grain of this silver on the market at 
$1.29 per ounce, without losing the difference between 
$1.29 and $1.44. France has $58,000,000, which she 
holds at $1.43 per ounce, and $430,000,000 which she 
holds at $1.33 per ounce. Other nations have large 
amounts held at varying prices, all above $1.29, so that 
a syndicate that would attempt to buy up the $4,000,000,- 
000 of silver in the world with the hope of selling it to the 
United States at $1.29 per ounce, would find themselves 
subjected to a loss which, even to the Rothschilds, would 
be no trifle. 

On examining the statistics of the question, we find 
that the silver of the world is held as given in the follow- 
ing table. What is called <' limited legal tender," may 
be defined as the ''change-money " of the world — the shil- 
lings and sixpences of England, the dimes and quarters of 
the United States, and the small coins of France. These 
are absolutely necessary in the transaction of business, 
and the amount required will increase rapidly, rather than 
diminish. 



WHAT FREE COINAGE WILL BRING. 1 83 

Amount of Silver held by the Gold-using Countries, and 
the rate at which it is held : 

Limited legal tender, $631,200,000 @ about $1.40 per oz. 

France 430,000,000 " 1-33 

Belgium 48,000,000 " 1-33 

Italy 21,400,000" 1.33 

Switzerland 10,000,000 " 1-33 

Greece 500,000 " 1-33 

Germany 105,000,000 " 1.48 

Spain 136,000,000 " 1.33 

Austro-Hungary 80,000,000 " 1-49 

Netherlands 53,000,000 " 1.30 

Turkey 30,000,000 '' 1.30 ^| 

Cuba 1,500,000" 1.33 

Hayti 2,100,000 " 1-33 '' 

Bulgaria 3,400,000 " 1-33 

United States 548,400,000 " 1.29 

$2,090,500,000 
Here, then, we have $2,090,000,000 in silver held con- 
siderably above our par, by gold and gold and silver usmg 
countries which could be brought to the U. S. mmt only 
at a heavy loss. This leaves $1,980,000,000 for use m 
the silver-using countries where it is held at a valuation of 
53 cents on the dollar. Of this 

Mexico has -• $55.ooO'Ooo 

Central American States.. 12,000,000 

South American States. . . . 30,000,000 

Japan 68,000,000 

India 950,000,000 

China 750,000,000 

Straits Settlements 1 1 5,000,000 

$1,980,000,000 



l84 WHAT FREE COINAGE WILL BRING. 

Now this silver is all in use as mojiey in these countries; 
to withdraw even a small percentage of it would cause 
such a contraction as would raise the market value of the 
rest to such a degree as would quickly bring it up to 
$1.29. Even Mexico, poor as she is, could not part with 
10 per cent, of her currency without severe suffering. All 
that we would have to do would be to absorb 10 per cent, 
of the silver of the silver-using nations, and silver would 
go up. ' 

And it is a curious fact that the amount of silver which 
would be thus brought to our mints is just about the 
amount of the national bank notes now in circulation. 
Withdraw the national bank notes, and replace them with 
$200,000,000 of silver under free coinage and full legal 
tender, and the thing is done. 

But here, by way of parenthesis, the writer of this article 
cannot but think that the people of the United States in 
general, and the Chicago convention in particular, make a 
great mistake when they confound banks and bankers with 
money-lenders and money-brokers. The Rothschilds, the 
Belmonts, the Morgans, and men of their kind are not 
BANKERS in the true sense of the word. They are merely 
pawnbrokers on a large scale. Banks and bankers are 
as necessary to a community as grocers and dry-goods 
dealers; a well-conducted bank is one of the most efficient 
agents that can be devised for advancing the prosperity 
of a community, but men like the Morgans, Belmonts, 
etc., are mere parasites on the body politic, and when they 
are called '' bankers" the term <' banker " is degraded, 
and legitimate banking business is brought into disre- 
pute. It is to the interest of real banks and bankers that 
business should prosper, for it is in good times that they 
make most money. But money-lenders and pawnbrok- 
ers always thrive best when the people are in distress. 



WHAT FREE COINAGE WILL BRING. 1 85 

The reply which is invariably made to this, is that 
we have tried it and failed; that we have bought not 
only $200,000,000, but $548,400,000, and that, in the 
face of this purchase, silver sank to 6;^ cents per 
ounce. 

The fatal error which vitiates this reply consists in the 
implied assertion that the silver thus purchased is money. 
With the exception, perhaps, of the subsidiary coinage, 
we have not a single dollar of silver money now in use in 
the United States. Every dollar is based on gold, and 
the silver might just as well be bronze, leather or paper. 
So long as the credit of the United States is pledged to 
keep silver at a parity with gold, the silver dollars in cir- 
culation are merely so many promises stamped on silver 
instead of paper, and the more of these dollars we issue 
the greater is the burden on gold, and the higher is the 
value of gold raised. 

But to raise the value of gold is precisely the same thing 
as to lower the value of silver and all other commodities; 
and, therefore, in the long run, the effect of the Sherman 
law was precisely the opposite of what some of its advo- 
cates expected. 

After a slight rise, due to the expectation of the increased 
value which was believed to be coming, silver fell to the 
lowest price ever recorded. 

We must bear in mind that in matters of money some 
of the economic laws seem to be reversed, because money 
is, in a certain sense, the converse of commodities. Thus 
while everybody knows that good jack-knives will, at the 
same price, drive out poor ones, it is equally true, though 
not so generally well known, that poor money, at the 
same valuation, will always drive out good money; and 
this is but one illustration out of many that might be cited. 
The Sherman law, therefore, tended to ultimately lower 



1 86 WHAT FREE COINAGE WILL BRING. 

the price of silver, not to raise it, as free coinage would 
have done. 

Free coinage of both gold and silver kept the two metals 
nearly at a parity for two hundred years, as the reader 
may see by consulting the last Report of the Director of 
the Mint. For the convenience of our readers, we give 
the ratio year by year since the establishment of our 
mint. It will be seen from this that during that time the 
ratio never fell below 15 to i, which was our ratio during 
the first forty years of our coinage, and that prior to 1873 
it never rose above 16 to i, except during the year 181 2, 
when it rose to 16. 11. 

To those who are familiar with the history of the cur- 
rencies of Europe this table furnishes an exceedingly in- 
structive subject for study. Bearing in mind the fact that 
our ratio was changed twice, being 15 to i up to 1834, then 
16 to I up to 1837, and then 15.98837 up to the time of 
demonetization ; bearing also in mind that the French 
ratio was 15.5 to i, and that several nations had different 
ratios, it is really surprising that the average ratio kept so 
even. During the early part of the century the commerce 
of the world increased much more rapidly than the supply 
of money, and the discoveries in California, Australia, and 
Siberia came just in time to rescue humanity from the 
grasp of the money-lenders of that day. But the need for 
money made either silver or gold acceptable, and, as will 
be seen from the table, the immense supply of gold caused 
but a very trifling change in the ratio. In 187 1, Germany 
demonetized silver, but as France and the Latin Union, as 
well as some other countries, still kept their mints open, 
the ratio still kept near 15.5. But when these mints were 
closed, in 1873 ^"^ 1874, the fall was rapid. 

It must be borne in mind that while the mints were 
closed to silver they were still open to gold. This acted 



WHAT FREE COINAGE WILL BRING. 



187 



Commercial Ratio of Silver to Gold each year since the 
passage of our first Coinage Law in 1792 : 



YEAR RATIO 

179I 15-05 

1792 15-17 

1793 15-00 

1794 15-37 

1795 15-55 

1796 15-65 

1797 15-41 

1798 15-59 

1799 15-74 

1800 15.68 

i8oi 15-46 

1802 15.26 

1803 15.41 

1804 15.41 

1805 15.79 

1806 1552 

1807 15.43 

1808 16.08 

1809 15-96 

1810 15.77 

1811 15-53 

1812 16. II 

1813 16.25 

1814 15.04 

1815 15.26 

1816 15.28 

1817 15.11 

1818 15.35 

1819 15-33 

1820 15.62 

1821 15.95 

1822 15.80 

1823 15.84 

1824 15.82 

1825 15.70 



YEAR RATIO 

1826. 15.76 

1827 15-74 

1828 15.78 

1829 15.78 

1830 15.82 

1831 15.72 

1832 15.73 

1833 15-93 

1834 15-73 

1835 15.80 

1836 15.72 

1837 15-83 

1838 15.85 

1839 15-62 

1840 15.62 

184I 15.70 

1842 15.87 

1843 15-93 

1844 15-85 

1845 15-92 

1846 15.90 

1847 15.80 

1848 15.85 

1849 15-78 

1850 15.70 

1851 15.46 

1852 15.59 

1853 15-33 

1854 15-33 

1855 15-38 

1856 15,38 

1857 15-27 

1858 15.38 

1859 15.19 

i860 15.29 



YEAR RATIO 

1861 15.50 

1862 15.35 

^^^3 15-37 

1864 15.37 

1865 15.44 

1866 15.43 

1867 15.57 

1868 15.59 

1869 15.60 

1870 15.57 

1871 15-57 

1872 15.63 

1873 15-92 

1874 16.17 

1875 16.59 

1876 17.88 

1877 17.22 

T878 17.94 

1879 18.40 

1880 18.05 

1881 18.16 

1882 18.19 

1883 18.64 

1884 18.57 

1885 19.41 

1886 20.78 

1887 21.13 

1888 21.99 

1889 22.10 

1890 19.76 

189I 20.92 

1892 23.72 

1893 26.49 

1894 32.56 



1 88 WHAT FREE COINAGE WILL BRING. 

in two ways ; it not only depressed silver, but it raised 
gold. It was like taking a vote from one candidate and 
giving it to another ; the effect is to make a difference, 
not of one vote only, but of two. 

We have not space here to discuss all the effects of these 
successive occurrences, but we feel assured that no man 
can study the table of ratios which we give without com- 
ing to the conclusion that the opening of our mints to sil- 
ver will bring the two metals very nearly, if not quite, up 
to the ratio of i6 to i. 



"Until six years ago I thought anybody was a crank who 
tallied about money, but when I got to study the money ques- 
tion, I found that it overshadowed all other questions, and that 
it was deeper and greater and higher than all other questions 
wliich we had to deal with."— W. J. Bryan. 

"I believe that the gold standard is made up of more misery 
for the human race than wars and pestilences and famines, 
more misery than human mind can conceive or human tongue 
can tell, and I shall cry out against it as long as God gives 
me the voice to speak."— W. J. Bryan. 

" I assert that property lights, as well as the rights of persons, 
are safe in the hands of the common people. Abraham Lincoln, 
in his message sent to Congress in December, 1861, said : ' No 
men living are more worthy to be trusted than those who toil up 
from poverty ; none less inclined to take or touch aught which 
they have not honestly earned. "—William J. Bryan, at Madison 
Square Garden. 



THE FREE COINAGE OF SILVER NO 
MENACE TO PROSPERITY. 

The campaign of 1896 will be distinguished from all that have 
preceded it by the intensity of the educational influences at work. 
It will be essentially what has been called a campaign of educa- 
tion, and the practical decision of the people will undoubtedly de- 
pend upon the opinions which they will form in regard to a great 
economic question. Both candidates are men of pure lives and 
honorable conduct. Even such bitter opposition papers as the 
Evening Post, the World, and the Suji of New York, acknowledge 
that Mr. Bryan is above reproach. A correspondent of \.\vq Even- 
ing Post, writing from the vicinity of Mr. Bryan's home, says of 
him, that "he is a clean, wholesome fellow," and attributes his 
political successes in his own State to " his oratory, in which he 
has few equals, and I doubt if any superiors," and also to the fact 
that "the people of his district believed that he was thoroughly 
sincere and honest." 

Those who will compare the speeches of Mr. Bryan and Mr. Cock- 
ran, delivered in Madison Square Garden, must see that Mr. Bryan is 
no demagogue. His speech was calm, dignified, logical and based on 
sound economic principles; Mr. Cockran's speech was a pyrotech- 
nic display of vituperation, misstatements, bad logic and error. 
He attempted to array section against section, while, as every 
one knows, the prosperity of this country must stand or fall as a 
whole. You cannot have successful mechanics and impoverished 
farmers; if you injure the cotton-planter and the western agricuK 
turist you destroy the best market available to the eastern wage- 
earner. On the subject of political economy his ignorance was 
simply pitiful. He denied the fundamental principles of monetary 
science, as when he told us that the purchasing power of money 
does not depend upon its quantity— a principle laid down by Aris- 
totle, Copernicus, Locke, Hume, and all the older writers, and en- 
forced by John Stuart Mill, who says : "The value of money, 
other things being equal, varies inversely as its quantity. * * * 
That an increase of the quantity of money raises prices, and a 
diminution lowers them, is the most elementary proposition in 
the theory of currency, and without it we should have no key to 
any of the oihers."— Principles of Political Economy, Book III. 
Chap. VIII. 

189 



J90 FREE COINAGE NO MENACE TO PROSPERITY. 

No more influential campaign document could be issued by the 
Democratic party than the speeches of Bryan and Cockran ar- 
ranged together in the "deadly parallel." 

There cannot be any doubt that the question upon which this 
campaign will turn will be the proposed return to the free coinage 
of silver, and a consequent addition to the money supply of the 
world. That such an increase always brings prosperity is a truth 
as old as the science of money itself. It has never been put into 
more distinct and forcible language than in the words of Hume, 
the famous historian, who said: " We find that in every kingdom 
into which money begins to flow in greater abundance than for- 
merly, everything takes a new face; labor and industry gain life, 
the merchant becomes more enterprising, the manufacturer more 
diligent and skilful, and even the farmer follows his plow with 
greater alacrity and attention." 

Now, Hume was not writing as a political partisan, or as the 
advocate of any " crank" theories. The above was a deliberate 
conviction reached after careful historical study (in which depart- 
ment Hume occupied a foremost place, as his famous " History 
of England " shows), and presented in a calm, philosophical " Es- 
say ON Money," which stands as an accepted authority to this 
day. And the soundness of Hume's conclusions are fully moved 
by the financial history of the United States. Whenever we have 
had an increase in the money of the country we have had pros- 
perity; when, by reason of panics and bank failures, the currency 
was contracted, hard times came on. It was so in the years prior 
to 1837, and to 1857, and the contraction in these years came from 
the inability of the banks to maintain their issues at par. because 
there was too much credit money in proportion to actual money. 
This difficulty can never arise in the case of free coinage, because 
metal to which the mints are open is always at par. 

The times prior to 1873 were times of expansion, caused by the 
use of a paper currency which was not convertible into silver or 
gold, but they were times of prosperity. On Feb. 12, 1873, the 
act demonetizing silver was passed, and by midsummer of that 
year we had one of the most severe panics in the history of the 
nation. This panic was not directly due to the demonetization 
act, but the coincidence was a curious one. Hard times set in, 
and continued for some years, the country gradually recuperating 



FREE COINAGE NO MENACE TO PROSPERITY. I9I 

as is usual in such cases. In 1878 the Bland-Allison law was 
passed, whereby $2,000,000 were coined every month, and we 
had good times for some years. Then the Sherman law was 
passed, by which 54,000,000 ounces of silver a year was pur 
chased, and the purchase money added to the circulation. This 
did no harm until the howls of the gold men caused European 
investors to take fright and return our securities. This took 
away the gold reserve, upon which not only the legal tender pa- 
per, but the silver itself (to the extent of nearly $600,000,000) 
rested, and as the silver in the treasury was of no more use 
than so much pig lead, the treasury was powerless to protect it- 
self, and the panic became daily more acute. To this cause must 
be added the action of certain large moneyed corporations, who 
not only called in some of their loans, but advanced the rates of 
interest to borrowers. At last, in 1893, the Sherman law was re- 
pealed, all purchases of silver on government account were sus- 
pended, and the panic began to abate. 

The whole monetary legislation of this period was the practical 
embodiment of absurdity. Congress passed a free coinage law, 
but this was vetoed by the president. Then the government pur- 
chased silver, issuing paper for it, a most unprecedented course, 
and one which was of advantage neither to the silver owners nor 
to the people, because both in law and practice the silver was 
maintained at the mint value by redemption in gold, and conse- 
quently the entire weight of the money function still rested on 
gold. Practically the effect of this was to diminish the supply of 
silver by so much as was bought, and to increase the demand for 
gold by just the same amount. The silver gave no more re- 
lief than so much paper would have done, and the burden placed 
on gold was increased, and its value was raised, and of course 
this meant that the value of silver was lowered. 

Through all this battle the two most bitter enemies of silver 
were John Sherman and Grover Cleveland The outcome is that 
both these men are multi-millionaires, while the average pay of 
the wage-earners of the United States is forty cents per day, if 
we accept the figures given by Mr. Bourke Cockran in his Madi- 
son Square Garden speech. 

Against the irresistible logic of these facts the gold advocates 
oppose nothing but vituperation, and the senseless epithets of 
" repudiators," " socialists," and "anarchists." Thus, amid the 



192 FREE COINAGE NO MENACE TO PROSPERITY. 

innumerable misstatements and absurdities which compose the 
recent speech of Bourke Cockran, we find the following : " He 
[Bryan] is a candidate who declared that this is the beginning of 
a revolutionary movement, but no sooner found himself face to 
face with the American feeling than he realized that this soil is 
not propitious to revolution ! " 

This was a strange statement to make in the very home of rev- 
olution ! Revolution is the potentiality of progress. This nation 
was born in a revolution, and has lived in a state of revolution 
ever since. There has not been a decade of its existence that has 
not seen a revolution which has relegated some old creed, or some 
worn-out system to oblivion; and this has gone on until a country 
which, less than one hundred years ago was, in large part, the 
home of savage beasts, and still more savage men, is now the 
most civilized and progressive nation on the face of the globe. 
From the Atlantic to the Pacific it is pierced with railroads, net- 
ted with telegraph wires, and dotted with schools and churches, 
and where, but a few years ago, the bison and the panther found 
a lair, we now find cities which rival the cities of old in magnifi- 
cence, and citizens who far excel in intelligence and refine- 
ment. 

But, as a matter of fact, Mr. Bryan and his supporters suggest 
no revolution. What they do suggest, is a return to a system under 
which we had our greatest prosperity, and which will again bring 
not only prosperity, but justice. 

The campaign of 1896 will be the most memorable in all the 
long history of this country. As a campaign of thorough educa- 
tion in sound political economy, it has never had an equal. Men's 
hearts and minds are stirred to-day as they have never before been 
stirred in the history of the country. The battle of the Middle 
Ages is about to be fought over again, and this time to a finish; 
but the contest will not be between mail-clad warriors and stub- 
born yeoman attempting to wrest from their oppressors the 
glorious privileges of a magna charta, but between the subtle 
forces of plutocracy on the one hand, and true civilization on 
the other. We use these terms with a full apprehension of their 
meaning, for every thoughtful man knows that wealth and true 
civilization are not only far from synonymous, but that they are 
frequently antagonistic. Luxury is not true refinement, and real 
intellectual progress is never fostered by vast wealth. 



FREE COINAGE NO MENACE TO PROSPERITY. I93 

The dark ages followed a period of the most luxurious wealth 
ever recorded in the history of humanity, and to-day the drift of 
society in the United States is toward a repetition of the closing 
scenes of the Roman Empire. 

We find the age of luxury creeping on apace, and the children of 
American cabinet officers, instead of following the example of the 
Fathers of the Republic, trying to outdo Lucullus, a Roman whose 
very name has become a synonym for luxurious extravagance. 
What were the feasts of Lucullus compared with that $50,000 
dinner given in Paris by a young American to a few of his boon 
companions, while thousands of his fellow-countrymen, although 
living in a land of seeming plenty, scarcely knew where to get 
to-morrow's frugal meal ? 

It has been well said that history repeats itself, and in nothing 
is this more fully verified than in the Sherman crime of 1S73. Sev- 
enteen hundred years ago the plutocrats and money-lenders of that 
day adopted the same tactics that the Rothschilds, Belmonts, Mor- 
gans, Whitneys and Benedicts have pursued. By an imperial 
edict, issued in the year 221 of our era, silver was declared to be 
no longer money, and gold was made the only legal tender for 
debts. The creditor classes soon had all the wealth of the country 
in their grasp. The people were reduced to actual slavery, and 
were sold with the lands and the mines, as so many attached cat- 
tle, and the dark ages settled down over humanity. 

The people of the United States have at last awakened to the 
true condition of things. They realize that, in the words of the 
author of "Common Sense Currency" : 

" While a mistake in regard to the tariff, or an error in the 
matter of taxation, would be to the body politic what a severe 
wound, or the amputation of a limb, would be to the human sys- 
tem, an unsound currency is to a nation what blood-poisoning is 
to a man; it permeates every fibre, paralyzes every function, and, 
unless cured, brings death and destruction." 

They now propose to study the subject carefully, and vote in- 
telligently. This will not be an election carried by boy-like shouts 
of irrelevant and meaningless cries, or even of party shibboleths. 
The people are pretty sure to consider the matter carefully and 
earnestly, and in the language of our candidate : " Each citizen 
must study the question for himself, and as he does so he must 
remember that he is responsible for the vote he casts." 



Common Sense Currency 

A Practical Treatise on Money 
IN ITS RELATIONS TO NATIONAL WEALTH AND PROSPERITY. 

With Suggestions for Promoting Economy in the Maintain- 

ance of the Medium of Exchange and Stability in 

Its Function as a Standard of Value. 

INTENDED FOR THE USE OF THE COMMON PEOPLE. 
BY JOHN PHIN. 

That the currency question Is the most important subject now before 
the American people must be clear to every intelligent person who reflects 
upon the evils which always have arisen and always must arise from an 
imperfect, not to say a positively vicious, monetary system. 

Macaulay, in his History of England, says with not greater point than 
truth: "It may well be doubted whether all the misery which had been 
inflicted on the English nation in a quarter of a century by bad kings, bad 
ministers, bad parliaments and bad judges was equal to the misery caused 
in a single year by bad crowns and bad shillings." 

Daniel Webster, at a time when " silverites," "gold-bugs," "bimetal- 
lists," etc., were not even known by name, said that " of all the contrivances 
for cheating the laboring classes of manliind, none has been moro effectual 
than that which deludes them with paper money. This is the most effectual 
of inventions to fertilize the rich man's fields by the sweat of the poor man's 
torow." 

And writing in regard to the effects of an unsound currency in France, 
Andrew D. White, Ex-President of Cornell University, writes : " What the 
bigotry of Louis XIV and the shiftlessness of Louis XV could not do in a 
century, was accomplished by this tampering with the currency in a few 
months." 

The truth Is, that while a mistake in regard Xo the tariff, or an error in 
the matter of taxation, would be to the body politic what a severe wound 
or the amputation of a limb would be to the human system, an unsound 
currency is to a nation what blood-poisoning is to a man ; it permeates every 
fibre, paralyses every function, and unless cured brings death and destruc- 
tion. 

Nor is this to be wondered at when we reflect that MONEY is the instru- 
ment by means of which all our great commercial transactions are adjusted, 
and all our important industrial works carried on ; while in the case of the 
everyday business of the farmer, the mechanic and the small business man, 
money is of even greater importance. The rich and the powerful can, in a 
measure, protect themselves against the evils which arise from a vicious 
currency, but the poor man is powerless to defend himself. 

An evil currency always fosters gambling and speculation, and the man 
who produces wealth sees the property which cost him so much labor pass into 
the hands of those who are already rich. 

And yet the principles upon which every sound currency must be based 
are as well-established and as clearly understood by economists as are the 
laws of gravitation by scientific men, so that any free people that submit to 
the infliction of a vicious monetary system have only themselves to blame. 
And it is for the purpose of setting forth these principles in such a clear, 
simple and thorough manner that any schoolboy can understand them that 
this book has been written. 

The great difficulty hitherto has been that the currency has been made 
a political question, whereas it is no more political than are the sciences of 
astronomy or chemistry. Democratic or republican "politics" should have 
nothing to do with the currency. As well might we speak of a democratic or 
a republican art of building ; and the farmers, the mechanics, and the busi- 
ness men of this country act like fools when they vote for an inferior system 
of currency because their political leaders urge them to do so. 

Neatly bound in cloth, = - o . $1.00 
INDUSTRIAL PUBLICATION COMPANY, 

i6 Thomas Street, NEW YORK. 



Common Sense Library, 

Monthly. Watch the Successive Issues. 



No. I -The Bicyclist's Handbook. 

What to do in case of Accident. "As useful in the kit as the 

wrench or oil can." 12mo, 100 pages. Price .... 25c. 

No. 2.-Bryan, Sewail & Honest Money 

Biography, Oratory, Argument, Statistics, Financial Facts, 

Industrial Exposition; 

History of the Crime of '73 ; 

Tracing and Condemning the Criminals; 

How Free Coinage of Silver will Help the Working Man; 
The Democratic Platform; 

Mr. Bryan's Exposition of the Platform; 
" " Chicago Speech; 
" " Madison Square Speech; 
<< a Tivoli Speech; 

Portraits of the Leaders of the Movement for the Restitution 

Silver to its Former Place as one of the Standards of Value. 

12mo ; 200 pages. Price 25c. 

This Political Handbook contains all the information necessary 
to the voter to determine the question of the day: * Will the election 
of Bryan and Sewail and the restoration of bimetallism by the 
United States, without waiting for the action of other nations, best 
conserve the interests of the masses in this country by restoring 
good times, by raising wages, re-opening factories, raising the price 
of wheat, cotton, corn and the other products of labor, and puttiu' 
an end to the distress now felt by all except the money-lender and t' 
capitalist, whose wealth is invested in gold or its representatives. 

Mailed to any address on receipt of price. 



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^mfiEWA 



QNEST 




HMIWPROSFEIlin! 

'' THE CRIME OF SEVENTY-THREE.'' 
WHO WAS THE CRIMINAL ? 



V1ETALU5M THE ONLY REMEDY FOR HARD TIHES. IT WAS A 
SUCCESS FROM 1792 TO 1873, AND THEREFORE IS 
NOT AN BXPERIMBNT, 

*1 concur with you that the unit **A dollar that increases in value 

st stand on both metals, **~^et' is just as dishonest as a dollar that 

^JBPFBRSON to HAMILTON, decreases in value,** 
ry, 1792, ^W, J. BRYAN, 



JOHN HOWARD BROWN, 

:rait Gallery," " National Cyclopaedia of j 
Author " American Naval Heroes," etc. 



Editor •* National Portrait Gallery," "National Cyclopaedia of American Biography/' 

He 



PORTRAITS, BIOGRAPHIES, PLATFORM, SPEECHES, 
ARGUMENTS, STATISTICS. 

IRCW lorft : 
DERBY AND MILLER COMPANY. 
t 1896. 

, U. I — T— ' ■ ■ ■ ■ gj 

Entered at New York Post Office as Second-class Matter. 

,-non Sense Library. Issued ^Monthly, $3.00 per Yea 



